Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN re-assures on safety of Nigerian banks

09 March 2015, 11:15

Abuja - The CBN has assured that Nigerian banks are safe, following the outcome of a stress test it conducted.

This is contained in a statement signed by the Director of Corporate Communications of the CBN, Ibrahim Mu'azu, on Sunday in Abuja.

"Following the recent top-down stress tests of Deposit Money Banks carried out; the CBN re-affirms that the banks have adequate capital to absorb unexpected losses," the statement said.

It noted that unaudited results of banks and the results released so far indicated that the economic meltdown had not significantly affected returns.

Also read: CBN releases guidelines for accessing N300bn for Real Sector

The statement noted that banks had been directed to have effective risk management system in place, especially price hedging.

It said that the apex bank would continue to monitor banks to ensure sufficient internal retention of capital to serve as buffers.

The statement recalled that the IMF in a report on March 4 on the outcome of the Executive Board 2014 Consultation with Nigeria commended the CBN in ensuring financial system soundness.

It noted that financial soundness indicators remained above prudential norms but that the concentration of credit risks and foreign currency exposures called for continued close oversight.

According to the statement, the CBN welcomes the progress in strengthening supervision and regulation, including cross-border activities.

It added that the apex bank encouraged additional initiatives to foster financial market development, including hedging instruments and improved financial inclusion.

The statement noted that Nigeria’s economic data were broadly adequate for surveillance.

It said that the CBN agreed on tightening fiscal policy and allowing the exchange rate to depreciate.


Tags cbn nigeria

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...