The CBN has denied the allegations that the banks are the verge of collapse as a result of the global financial crisis all over the world Prof. Chukwuma Soludo gave the assurance that banks are strong enough to withstand the economic downturn; he however added that CBN has adopted some measures to ensure that the banks remain virile.
Soludo said, "the banks remain the key pillar of hope for this economy especially at this time of global financial crisis, and it is our collective job to keep the banks alive, all the rumours, text messages, unfounded insinuations all forms of de-marketing, undermines the stability of the system. I understand that some people even within the banks in other to get businesses are also trying to de-market other banks by saying ‘oh this bank, oh that bank’. I am telling the public to clearly ignore any such, when you hear any bank staff telling you about another bank, please report such a person if you can to the CBN and we will be able to deal with such a staff of any bank decisively, the only reason why they do that is just to take business’’.
‘‘That is the reason, the reason why the staff of another bank would be telling you "oh that bank has exposure to the capital market, and so what? The banks have been lending in the past and some of the loans may have not been performing in the past and the banks make provision for them even when they didn’t have much capital. The good news this time around is that they have got the capital that could easily absorb such provisioning if they need to make it’’.
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