Nigerian banks resilient, safe, and sound – CBN
The Central Bank of Nigeria(CBN) has asked the banking public to ignore any report of insolvency in the Nigerian banking sector, reiterating the resilience, security, and soundness of Nigerian deposit-taking money banks (DMBs) and other financial institutions under its supervision.
This assurance precedes the top bank’s two-day Monetary Policy Committee (MPC), which begins Monday, and primarily in response to what it calls “false and baseless stories” circulating in social media and the soundness and security of some Nigerian banks. affect.
This was disclosed by the top bank through a statement from the acting director of the bank’s Corporate Communications Department, Osita Nwanisobi, in Abuja. He stated that the Nigerian banking system had proved very robust despite the global challenges of the coronavirus pandemic (COVID-19).
He clarified that the routine banking investigation and stress tests for financial institutions operating in the country indicate that no Deposit Money Bank (DMB) licensed by the CBN is currently in any kind of financial trouble. According to him, the banks have sufficient capital to absorb unexpected losses that may occur.
In line with the Bank’s decision to ensure compliance with prudential standards, Nwanisobi said the CBN continues to closely monitor the activities of banks to ensure that no person or institution violates the established guidelines.
“The banking public should ignore any report of insolvency in the Nigerian banking sector,” advised the acting director.
He also reiterated the Bank’s desire to prioritize financial inclusion as a considered approach to increase the number of adults participating in financial services provided by banks in Nigeria.
Nwanisobi then encouraged the banking public to take advantage of the services provided by the banks, especially the various intervention programs initiated by the CBN, to improve their economic status and contribute to the overall national development.