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Nigerian banks resilient, safe, sound, CBN insists

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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.

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

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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.

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.

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.

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