Godwin Emefiele, the governor of the Central Bank of Nigeria, has encouraged other central bank governors in Africa as well as other financial sector regulators to step up their regulatory and supervisory efforts to prevent any bank runs in their respective countries.
Emefiele presented the keynote address on Wednesday at the opening of the 2023 African Central Bank Conference, which took place at the Global Leadership Center in Johannesburg, South Africa, according to a release from CBN.
He advised central banks on the continent to learn from the recent failure of Silicon Valley Bank and Signature Bank in the United States of America by putting in place regulations that will prevent similar failures in the future.
He was speaking on the current global dynamics and specific policy developments in Nigeria to address emerging shocks.