CBN Emphasizes Monetary Sufficiency, Wellbeing Of Banks

The Central Bank of Nigeria, CBN has reiterated the financial soundness, safety and resilience of Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country.

The bank made this clarification in response to certain false and unfounded stories circulating in social media attacking the soundness and safety of some Nigerian banks.

Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi disclosed this over the weekend in Abuja.

Nwanisobi also advised the banking public to disregard any report alleging insolvency in the Nigerian banking sector.

According to him, “routine bank examination and stress test for financial institutions operating in the country indicated that no Deposit Money Bank (DMB) licensed by the Central Bank of Nigeria is currently under any form of financial distress, adding that the banks have adequate capital to absorb unexpected losses that may arise.”

In line with the apex bank resolve to ensure adherence to prudential standards, Nwanisobi noted that the CBN continues to monitor the activities of banks in order to ensure that no individual or institution breaches the laid down guidelines.

He reiterated the desire of CBN to prioritize financial inclusion as a measured approach to increase the number of adults included in financial services provided by banks in Nigeria.

Nwanisobi, therefore, 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.