Nigerian Banks Are Safe – CBN

The Central Bank of Nigeria (CBN) has reiterated the resilience, safety and soundness of Nigerian Deposit Money Banks and other financial institutions under its supervision.

This was contained in a statement released on Saturday by the Acting Director, Corporate Communications Department, Osita Nwanisobi, in Abuja ahead of the Monetary Policy Committee meeting on Monday and Tuesday.

He stated that 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.

He also explained that 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.

He further stated that the banks had adequate capital to absorb unexpected losses that may arise.

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.