The Central Bank of Nigeria (CBN) has assured that all deposit money banks (DMBs) and other financial institutions under its supervision are resilient, safe and sound.
This follows recent speculations about the solvency state of some banks in the country, impugning the soundness and safety of banks.
Acting Director, Corporate Communications Department, of the bank, Osita Nwanisobi, in a media address, stated that the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the COVID-19 pandemic.
According to him, routine examinations and stress tests for financial institutions operating in the country indicated that no licensed DMB was under any form of financial distress.
He further stated that the citizens that the banks have adequate capital to absorb unexpected losses.
“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,” Nwanisobi stated.
He advised the banking public to disregard any report alleging insolvency in the banking sector and reiterated the desire of the apex bank to prioritise financial inclusion as a measured approach to increase the number of adults captured in financial services provided by the banks nationwide.
The CBN spokesman 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.
