The Central Bank of Nigeria(CBN),says Nigerian Deposit Money Banks (DMBs) and other financial institutions under its watch are in good shape
The apex bank’s Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi,who conveyed this in Abuja at the weekend,said the Nigerian banking system had proven to be very resilient in spite of the global challenges posed by the corona virus pandemic (COVID-19).
He said routine bank examination and stress test for financial institutions operating in the country revealed that no Deposit Money Bank (DMB) licensed by the Central Bank of Nigeria is currently under any form of financial distress.
He added that the banks have adequate capital and strength to absorb unexpected losses that may arise.
Nwanisobi assured that the apex bank will continually monitor the activities of banks in order to ensure that no individual or institution breaches the laid down guidelines.
He advised the banking public to ignore any report alleging insolvency in the Nigerian banking sector and reiterated the desire 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.
He implored 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.
