The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has advised governors of Central Banks and other African Financial sector regulators to be more vigilant in their regulatory and supervisory.
Emefiele said this at the opening of the 2023 African Central Bank Conference in Johannesburg, South Africa, according to an official statement issued by the apex bank.
He noted that such measures were absolutely necessary to avert any run on banks in the region.
The CBN governor advised central banks on the continent to draw lessons from the recent failure of Silicon Valley Bank (SVB) and Signature Bank in the United States of America.
While sharing Nigeria’s experience in regulating banks, Emefiele noted that the threats posed to the financial system necessitated the release of new guidelines and regulations to tackle potential infringements, and, in the process, protect depositor’s funds as well as promote greater transparency in the sector.
Emefiele noted that regulators must be alive to their responsibilities by ensuring that banks under their regulatory watch are financially healthy, and do not suffer a similar fate as the Silicon Valley Bank, which, until its collapse on March 10, 2023, catered to many of the world’s most powerful tech investors.
Among topics discussed at the event were “African Solution for African Problems” and “Africa’s Seat at the Table”.