CBN Declares Nigerian Banks Safe

NIGERIAN Deposit Money Banks and other financial institutions under the supervision of Central Bank of Nigeria have been declared safe and sound by the apex bank.

The Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, in a statement on Saturday in Abuja, said this ahead of the Monetary Policy Committee meeting on Monday and Tuesday.

It stated that 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.

He noted that 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, adding that the banks had adequate capital to absorb unexpected losses that may arise.

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

He advised the banking public to disregard any report alleging insolvency in the Nigerian banking sector.

Nwanisobi reconfirmed the desire of the CBN to prioritise financial inclusion as a measured approach to increase the number of adults included in financial services provided by banks in Nigeria.

He called on members of the banking 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 contribute to overall national development.