CBN urges Nigerians to disregard ‘fake’ reports of insolvency in banking sector

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Photo: Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) has denounced social media reports of alleged insolvency in the nation’s banking sector, stressing that no bank in the country was under any form of financial distress.

The statement issued by Osita Nwanisob, CBN’s Acting Director of, Communications, assured Nigerians that all the Deposit Money Banks in the country have adequate capital to absorb unexpected losses that may arise.

According to the statement, “the Nigerian banking system has proved to be very sturdy in spite of the global challenges posed by the COVID-19 pandemic.”

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It further said that routine bank examination and stress test for financial institutions operating in the country indicated that no Deposit Money Bank licensed by the CBN was currently under any form of financial distress.

“The CBN continues to monitor the activities of banks in order to ensure that no individual or institution breaches its guidelines on adherence to prudential standards.

“The banking public should therefore 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 statement added.

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