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CBN dismisses reports of distress in Nigerian banking sector

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

Central Bank of Nigeria (CBN) has responded to growing reports of distress in the Nigerian banking sector, describing the claims as ‘false, mischievous.’

A statement by CBN Director, Corporate Communications, Ibrahim Mu’azu, late Thursday, said: “No Nigerian bank is ‘experiencing stress.

“The CBN hereby assures the banking public that the Nigerian banking system is sound and all banks are in compliance with both the regulatory and prudential requirements,” Mu’azu said.

He added: “The Governor, on November 24, 2015, during the Monetary Policy Committee (MPC) press briefing, also made it categorically clear that no Nigerian bank is in distress.

“The CBN therefore urges all bank customers and the general public to disregard the publication as it is false, mischievous and aimed at throwing the banking public into unnecessary panic.”

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