BY BANYO TEMITAYO
AHEAD of the Monetary Policy Committee meeting of the Central Bank of Nigeria on Monday, July 26 to Tuesday, July 27, 2021, the financial regulator has reiterated the resilience, safety and soundness of Nigerian Deposit Money Banks and other financial institutions under its supervision.
Speaking with journalists in Abuja at the weekend, the Acting Director, Corporate Communications Department of the CBN, Osita Nwanisobi, said the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the coronavirus pandemic.
He made this clarification in response to certain false and unfounded stories circulating in the social media attacking the soundness and safety of some Nigerian banks.
According to him, routine bank examination and stress test for financial institutions operating in the country indicate that no Deposit Money Bank licensed by the CBN is currently under any form of financial distress.
“The banks have adequate capital to absorb unexpected losses that may arise,” he said.
In line with the Bank’s resolve to ensure adherence to prudential standards, Nwanisobi said the CBN would continue to monitor the activities of banks in order to ensure that no individual or institution breached the laid down guidelines.
He therefore advised the banking public to disregard any report alleging insolvency in the Nigerian banking sector.
Similarly, he reiterated the desire of the apex bank to prioritise financial inclusion as a measured approach to increase the number of adults included in financial services provided by banks in Nigeria.
Nwanisobi also 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.
