No Nigerian bank is in distress – CBN

central bank of nigeria

The Central Bank of Nigeria (CBN) has reacted to the news making the rounds that some Nigerian banks are in distress.

The CBN in a un-dated press release posted on its website and signed by its Director of Corporate Communications, Ibrahim Mu’azum,  stated that the story “is not only false and baseless but a figment of the writer’s imaginations.”

The press release reads:

The attention of the Central Bank of Nigeria (CBN) has been drawn to a fictitious online publication purporting that some deposit money banks in Nigeria are “experiencing stress”.

The CBN wishes to state categorically that:

1. No Nigerian bank is experiencing stress”.
2. The story as published is not only false and baseless but a figment of the writer’s imaginations.
3. 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.
4. 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.
5. 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.

Click Here to Download the CBN Press Release


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