CBN insists that Nigerian banks are resilient, safe & sound

The Central Bank of Nigeria has asked the banking public to disregard any report alleging insolvency in the Nigerian banking sector, insisting that the Nigerian Deposit Money Banks and other financial institutions under its supervision are resilient, safe and sound.

This was disclosed by the apex bank via a statement issued by the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, in Abuja ahead of the Monetary Policy Committee meeting on Monday and Tuesday.

What CBN is saying

“The Nigerian banking system had proved to be very sturdy in spite of the global challenges posed by the coronavirus pandemic, in response to certain false and unfounded stories circulating in the social media attacking the soundness and safety of some Nigerian banks.

“Routine bank examination and stress test for financial institutions operating in the country indicated that no Deposit Money Bank licensed by the CBN was currently under any form of financial distress,” he said, adding that the banks had adequate capital to absorb unexpected losses that might arise.

In line with the bank’s resolve to ensure adherence to prudential standards, Nwanisobi stated that the CBN continued to monitor the activities of banks in order to ensure that no individual or institution breached the laid down guidelines.

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He urged members of the banking public to take advantage of the services provided by banks, particularly intervention programmes initiated by the CBN, to enhance their economic status and contribute to overall national development.