The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has called on the governors of central banks and other African financial‑sector regulators to be more vigilant in their regulatory and supervisory roles to prevent any run on banks in their jurisdictions. He made the appeal on Wednesday at the opening of the 2023 African Central Bank Conference, held at the Global Leadership Center in Johannesburg, South Africa.
Addressing current global dynamics and specific policy developments in Nigeria aimed at mitigating emerging shocks, Emefiele urged central banks across the continent to draw lessons from the recent failures of Silicon Valley Bank and Signature Bank in the United States. He emphasized the need for regulations that will forestall similar bank runs in African countries.
Sharing Nigeria’s experience in bank regulation, the governor noted that the threats facing the financial system require the issuance of new guidelines and regulations to tackle potential infringements, protect depositors’ funds, and promote greater transparency in the sector. He stressed that regulators must remain fully engaged in their responsibilities, ensuring that banks under their supervision remain financially healthy and do not suffer the same fate as Silicon Valley Bank, which, until its recent collapse, served many of the world’s most powerful tech investors.
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