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CBN signs pact to boost regulation of Nigerian banks with subsidiaries abroad

THE Central Bank of Nigeria (CBN) said it had established memoranda of understanding (MoU) with countries where Nigerian banks have subsidiaries.

The move is to enable CBN to maintain oversight while supporting the overall stability of the Nigerian banking sector.

The apex bank disclosed this in a statement on Tuesday, October 8, through its acting director of corporate communications, Hakama Sidi-Ali.

“The CBN has established memoranda of understanding with the various countries where Nigerian banks’ subsidiaries are located.

“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally,” the statement said.

The apex bank said it recognised the crucial role confidence plays in banking operations, and affirmed that all depositors’ funds in Nigerian banks were secure.

Additionally, the CBN said it was committed to ensuring a secure banking environment, giving depositors full confidence in the safety of their funds.




     

     

    It emphasised that it had implemented various safeguards to protect public funds and uphold confidence in banking operations.

    The measures include regular stress testing, early warning systems, risk-based supervision, and collaboration with foreign regulators.

    The ICIR reports that some Nigerian banks have subsidiaries across Africa and beyond, including in the United States, United Kingdom, United Arab Emirates, and Asia.

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    The banks with frontier subsidiaries include First Bank, Zenith Bank, United Bank for Africa, and Access Bank.

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