What do you believe is the single most important factor driving up the cost of living in Nigeria?

In the joint statement, they highlighted that “The Nigerian banking industry is governed by rigorous regulations issued by the Central Bank of Nigeria, its primary regulator, and other direct and indirect regulatory bodies.”

They noted that many banks are publicly listed and adhere to standards of transparency and compliance, which are essential for both domestic and international investors.

The CIB stated that, in addition to the CBN, several regulatory bodies such as the Nigerian Exchange Group, Securities and Exchange Commission, Financial Reporting Council, and Nigeria Deposit Insurance Corporation play pivotal roles in maintaining the integrity and accountability of the sector.

The CIB leadership asserted that “Nigerian banks are staffed with globally competitive and certified professionals, regulated by both national and international bodies.” They also mentioned that partnerships with globally recognised service providers and investments in cutting-edge technologies elevate Nigerian banks to international standards.

They further pointed out that “Internationally renowned auditing firms, rating agencies, and other independent bodies routinely evaluate the operations, financial records, and compliance of Nigerian banks.”

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