Politics
Central Bank Responds To False Claims, Defends Role As Apex Bank In Nigeria’s Financial Stability
Central Bank Responds To False Claims, Defends Role As Apex Bank In Nigeria’s Financial Stability....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has issued a press release to debunk false claims targeting Guaranty Trust Holding Company (GTCO) and its management. In the statement titled “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds,” the bank reassured the public that deposits in Nigerian banks are safe and secure.
Signed by Acting Director of Corporate Communications, Hakama Sidi Ali, the press release emphasized the CBN’s dedication to maintaining the stability of the Nigerian financial system. The statement read, “The CBN wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system. All deposits in Nigerian banks are secure, and the CBN ensures banks adhere to regulations to maintain financial system integrity.”
It also highlighted the CBN’s oversight role, which includes regular stress tests to identify vulnerabilities in the banking sector. The statement noted, “The CBN has implemented Early Warning Systems to proactively detect and address risks, and its Risk-Based Supervision focuses on institutions that pose the highest risk. This strategy helps maintain a healthy banking sector.”
The CBN further explained its international cooperation through Memoranda of Understanding with countries where Nigerian banks operate, ensuring global regulatory coordination. The statement concluded with a firm commitment to safeguarding the financial interests of Nigerians: “The CBN remains dedicated to fostering a secure banking environment where depositors can trust in the safety of their funds.
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