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CBN Says No Bank In Nigeria Insolvent

Ebuka Daniel

The Central Bank of Nigeria has described as false and unfounded, the stories circulating in various social media platforms that some Deposit Money Banks and other financial institutions are financially unstable.

The Acting Director of Corporate Communications Department, CBN , Osita Nwanisobi who disclosed this in Abuja on Saturday, assured that these financial institutions are financially sound, safe and resilient.

The assurance is coming as the Monetary Policy Committee holds its meeting on Monday to discuss developments in the economy.

Nwanisobi therefore urged the banking public to disregard any report alleging insolvency in the Nigerian banking sector.

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

He added that in line with the apex bank 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 violated the laid down guidelines.

He also reaffirmed the commitment of the bank 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 enjoined members of the banking public to leverage the services provided by the banks, particularly its intervention programmes to improve their economic status and contribute to overall national developments.

Recall that the CBN Governor, Mr. Godwin Emefiele had recently reassured the banking public of the resilience of the banking sector amidst the impact of the Covid-19 pandemic.

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