BusinessNigeria

Nigerian banking sector remain strong – Mr Godwin Emefiele

TODAY COVID19 UPDATE

Confirmed
29,789
Deaths
669
Recovered
12,108
Active
17,012
Last updated: July 8, 2020 - 9:09 am (+01:00)

CLICK FOR TO READ COVID19 GLOBAL DAILY REPORTS BY COUNTRIES

For adverts & inquiries +2348065195638 or Skype: bobojay87

Advert Categories: Birthday & Event Publications | Product & Services | Music Promotion etc.

The Governor of Central Bank of Nigeria, Mr Godwin Emefiele on Sunday said that the Nigerian banking sector is strong in spite of the fact that some banks failed its stress test.

Emefiele said this during a media briefing on the sidelines of the annual meetings of the World Bank/International Monetary Fund holding in Washington DC.

He said the Nigerian banking sector remain strong and would continue to meet its obligation to the economy.

The CBN governor said the fact that some banks its stress test was not enough to make the banks to become weak to the extent of not meeting its obligation.

He said the strategic health of Nigerian banks remain strong, noting that the apex bank would continue to engage the banks to ensure that they do not fall short of the major parameters set by the CBN.

ALSO READ   ”Who is in charge of our country?” FFK asks as he reacts to the face-off between Aisha Buhari’s aides and President Buhari’s nephew

He said, “The strategic health of the Nigerian banking industry remain very strong and the Central Bank had as a matter of policy since 2015 tried to avoid being sensational about stress testing.

“Stress testing has become part of our normal routine in trying to check the health of all the banks in the industry.

“So what you will find is that from time to time, if one bank fails one ratio, we advise the bank to improve on that ratio or if its capital adequacy or liquidity or prudential ratios that we prescribe to the banking industry.

“So the fact that you read that seven banks failed stress test does not mean that those banks are weak but what we are saying is that if Bank A fails liquidity, then we tried to address it with that bank.

“So it has nothing to do with the weakness of any bank that would lead to panic or systemic crisis in the banking industry.”

ALSO READ   Nigeria's Health Sector Won't Remain The Same After COVID-19 - Buhari Government

DOWNLOAD BOBOJAYTV ANDROID APP >>> Send eyewitness accounts/ reports/ articles  to news@bobojaytv.com

Disclaimer: Opinion and comments are solely the responsibility of the author and does not necessarily reflect the views of the publishers.

Follow us Facebook |Twitter | Instagram for daily news updates

Related Posts

Leave a Reply

Back to top button
Do NOT follow this link or you will be banned from the site!
Close

Turn-off Adblock Detected

Please consider supporting us by disabling your ad blocker