NIGERIAN BANKS ARE RESILIENT AND SUPER SAFE- CBN

Ahead of its Monetary Policy Committee meeting holding today in Abuja, the Central Bank of Nigeria has praised the resilience, safety and soundness of the nation’s deposit money banks and other financial institutions under its supervision.

The acting Director of the apex bank’s Corporate Communications, Osita Nwanisobi stated that despite the global challenges posed by the Covid-19 pandemic the Nigerian banking system had proven to be very sturdy.

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

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.