The Central Bank of Nigeria (CBN) has reiterated the resilience, safety, and soundness of Nigerian Deposit Money Banks (DMBs) as well as other financial institutions under its supervision.
The apex bank gave the assurance ahead of its Monetary Policy Committee (MPC) meeting scheduled for Monday and Tuesday.
Speaking with newsmen in Abuja on Saturday, the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi said the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the coronavirus pandemic (COVID-19).
He made this clarification in response to certain false and unfounded stories circulating in social media attacking the soundness and safety of some Nigerian banks.
According to him, routine bank examination and stress tests for financial institutions operating in the country indicated that no Deposit Money Bank (DMB) licensed by the Central Bank of Nigeria is currently under any form of financial distress, adding that the banks have 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 continues to monitor the activities of banks in order to ensure that no individual or institution breaches the laid down guidelines.
He, therefore, advised the banking public to disregard any report alleging insolvency in the Nigerian banking sector.
He also reiterated the desire of the Bank to prioritize financial inclusion as a measured approach to increase the number of adults included in financial services provided by banks in Nigeria.
Nwanisobi, further urged 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.
CBN Governor, Godwin Emiefile, had recently reassured the banking public about the soundness and safety of the financial system, during a two-day CBN Fair, held in Bauchi.
Emiefile had said that the apex bank is ever ready to listen to the people of Nigeria in order to know how best to serve them with the aim of improving the financial base of their businesses, particularly the small and medium-sized businesses.
