No Nigerian Bank Currently Under Financial Distress—CBN Insists

Nigerian banks
Nigerian banks

No Nigerian Bank Currently Under Financial Distress—CBN Insists: The Central Bank of Nigeria (CBN) has once again maintained that no Deposit Money Bank (DMB) operating in the country was currently under financial distress.

The acting Director, Corporate Communications Department, Mr Osita Nwanisobi, said this last Saturday while addressing newsmen.

The CBN spokesman said the routine examination and stress test it conducted for financial institutions in the country confirmed that Nigerian banks were safe and sound.

He, therefore, urged members of the public and banking customers to disregard reports in the social media claiming that DMBs in the country were under pressure.

According to him, the banks it issued operating licence have adequate capital enough to absorb unexpected losses that may arise.

He said despite the global crisis caused by the COVID-19 pandemic, the country’s banking system has been able to withstand the storm, assuring that funds of depositors were safe.

Mr Nwanisobi said the central bank will continue to come up with policies aimed to further stabilise the financial system in the country.

He urged Nigerians 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.

The spokesman assured that efforts would be made to continue to monitor the activities of lenders in the country to ensure that no individual or institution breached the laid down guidelines in line with its resolve to ensure adherence to prudential standards.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Sam Gabriel 1699 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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