Friday, December 1, 2023

Nigerian Banks Are Safe – CBN

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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. CBN

A statement on Saturday said that the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, said this in Abuja ahead of the Monetary Policy Committee meeting on Monday and Tuesday. It stated that he said 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 social media attacking the soundness and safety of some Nigerian banks.
READ ALSO: Halt The Free Fall Of Naira Against Dollar – Reps Tell CBN

According to him, routine bank examination and stress tests 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, adding that the banks had 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 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.
READ ALSO: Halt The Free Fall Of Naira Against Dollar – Reps Tell CBN

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. He urged members of 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.
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Photo Credit: Getty

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