Nigerian banks resilient, safe, sound, CBN insists

Only CBN can direct us on old Naira notes — Banks

Holds MPC meeting in Abuja
Ahead of its Monetary Policy Committee (MPC) meeting holding today and tomorrow in Abuja, the Central Bank of Nigeria (CBN) has reiterated the resilience, safety and soundness of the nation’s deposit money banks (DMBs) and other financial institutions under its supervision.

Addressing journalists at the weekend in the Federal Capital Territory (FCT), the apex bank’s Acting Director, Corporate Communications Department, Osita Nwanisobi noted that the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the COVID-19 pandemic.

Read:  Investors gain N14bn as 35 stocks close higher

He made the clarification following media reports in some quarters impugning the soundness and safety of some Nigerian banks.

The CBN official explained that routine examination and stress test for financial institutions operating in the country indicated that no licensed DMB was under any form of financial distress.

Read:  Nigerian Multi-Asset Broker Kwakol Markets to Participate at the iFX EXPO Dubai 2022

Nwanisobi that the citizenry that the banks have adequate capital to absorb unexpected losses.

The spokesman stated: “In line with the bank’s resolve to ensure adherence to prudential standards, the CBN continues to monitor the activities of banks in order to ensure that no individual or institution breaches the laid down guidelines.”

He advised the banking public to disregard any report alleging insolvency in the banking sector, reiterating the desire of his organisation to prioritise financial inclusion as a measured approach to increase the number of adults captured in financial services provided by the banks nationwide.

Read:  Investors gain N150bn as Nigerian stocks cut losses

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


Related posts

Investors gain N14bn as 35 stocks close higher


German Electronics Manufacturer begins operations in Nigeria


NGX lists FG N130bn Sukuk bond


Citigroup urges CBN to lift forex embargo on 43 items


5G Network: MTN begins commercial services in Lagos


Zenith Bank outpace GTCO first time since 2009


Leave a Comment