CBN Comments On Nigerian Banks Safety

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CBN Comments On Nigerian Banks Safety
Obiajulu Joel Nwolu

The Central Bank of Nigeria, CBN, has allayed the fears in some quarters over the safety of Nigerian banks assuring the safety and soundness of Deposit Money Banks and other financial institutions under its watch.

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

It stated that he said 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.

According to him, 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 reiterated the desire of the bank to prioritise financial inclusion as a measured approach to increase the number of adults included in financial services provided by banks in Nigeria.

He urged 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

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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