Nigeria: CBN, Foreign Regulators to Supervise Nigerian Banks With Subsidiaries Abroad

9 October 2024
Daily Trust (Abuja)
By Sunday Michael Ogwu

The CBN has established Memoranda of Understanding (MoUs) with countries hosting Nigerian banks' subsidiaries to improve regulatory coordination and ensure safe and compliant banking operations both locally and internationally.

This was revealed in a statement by Mrs. Hakama Sidi-Ali, the Acting Director of Corporate Communications, on yesterday.

The director explained that this targeted approach enables the CBN to maintain strong oversight while supporting the overall stability of the banking sector.

The CBN further reaffirmed its commitment to maintaining stability in the Nigerian financial system, emphasising that it has implemented various safeguards to protect public funds and uphold confidence in banking operations.

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

Ali added that the CBN is committed to ensuring a secure banking environment, giving depositors full confidence in the safety of their funds.

A number of Nigerian Tier-1 banks have subsidiaries abroad, especially across the African continent. Beyond the continent, some Nigerian banks also have subsidiaries in the United States, United Kingdom, UAE and even in Asia.

Read the original article on Daily Trust.

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