The Central Bank of Nigeria has emphasised its commitment to the stability of the country’s financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks.
According to the CBN, these stress tests are an integral part of its strategy to safeguard the financial system and protect depositors’ funds.
“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient,” the statement read.
In addition to stress testing, the CBN has implemented Early Warning Systems that promptly identify potential threats to financial stability.
This statement from the CBN comes amidst concerns over the stability of the banking sector, as the central bank works to maintain public trust and ensure the soundness of the nation’s financial institutions...
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