BUSINESS NEWS: CBN Guarantees Safety Of Nigerian Banks

The Nigerian Apex Bank, CBN, has reassured all banks in the country of their safety, following the outcome of a stress test it conducted, VanguardNg reports.

In a statement written and signed by the Director of Corporate Communications of the CBN, Alhaji Ibrahim Mu'azu, on Sunday in Abuja, it reads: "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."

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

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

The apex bank would continue to monitor banks to ensure sufficient internal retention of capital to serve as buffers.

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