Lagos - The Central Bank of Nigeria (CBN) has denied media reports that it plans to close down 600 micro-finance banks (MFBs), reports Leadership.
Olufemi Fabamwo, CBN Director of the Other Financial Institutions Supervision Department (OFISD), described the report as false and misleading.
He said the apex bank was satisfied with the state of the micro-finance industry and the financial condition of the MFBs.
He stressed that he micro-finance sub-sector is being effectively regulated and jointly supervised by the CBN and the Nigeria Deposit Insurance Corporation (NDIC).
Read more at Leadership.
For the latest on national news, politics, sport,
entertainment and more follow us on Twitter and
like our Facebook page.