AGS NEWS – The Central Bank of Nigeria (CBN) has reiterated its commitment to maintaining the stability of the country’s financial system, emphasizing regular stress tests to identify vulnerabilities in banks.

According to a press release by CBN’s acting Director of Corporate Communications, Mrs. Hakama Ali, the apex bank affirmed that all deposits in Nigerian banks remain secure.

The statement highlighted the bank’s continuous stress testing as part of its strategy to protect the financial system and ensure that depositors’ funds are safe.

ALSO READ: CBN withdraws monetary policy document

The CBN also introduced Early Warning Systems to promptly detect and address potential threats to financial stability.

Furthermore, the bank has strengthened regulatory coordination with countries where Nigerian banks have subsidiaries, signing Memoranda of Understanding to promote safe banking practices globally.

This assurance comes amid growing concerns over the stability of the banking sector, with the CBN emphasizing its proactive measures to safeguard the nation’s financial institutions and protect public trust.