By James Emejo
The Central Bank of Nigeria (CBN) Saturday reiterated the resilience, safety and soundness of Nigerian Deposit Money Banks (DMBs) as well as other financial institutions under its supervision.
The apex bank gave the assurance ahead of its Monetary Policy Committee (MPC) meeting scheduled for Monday and Tuesday.
CBN said the assurance was against the backdrop of “false and unfounded stories circulating in the social media attacking the soundness and safety of some Nigerian banks.”
CBN acting Director, Corporate Communications Department, Mr. Osita Nwanisobi, told journalists that the banking system had proven to be sturdy in spite of the global challenges posed by the COVID-19 pandemic.
He said routine bank examination and stress test for financial institutions operating in the country indicated that no bank licensed by the CBN was currently under any form of financial distress.
Nwanisobi further stressed that the banks had…
Source: Thisday Newspaper
