Emefiele: No Nigerian bank is in distress

The Central Bank of Nigeria (CBN) has said that no Deposit Money Bank in the country is in distress, insisting that they are all adequately capitalised.
Reacting to online report that nine banks had failed discreet stress tests conducted by the central bank, the Director, Corporate Communications of the CBN, Mr. Ibrahim Mu’azu, in a statement on Thursday faulted the report, maintaining that “no Nigerian bank is experiencing stress.”

“The attention of the Central Bank of Nigeria 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 no Nigerian bank is experiencing stress; the story as published is not only false and baseless, but a figment of the writer’s imagination. 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,” the statement said.

Mu’azu recalled that the CBN Governor, Mr. Godwin Emefiele, had on Tuesday, during a press briefing after the Monetary Policy Committee meeting, said that no Nigerian bank was in distress.

He therefore, urged all bank customers and the general public to disregard the publication as it was false, mischievous and aimed at throwing the banking public into unnecessary panic.

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