CBN reaffirms strength of banks

The Central Bank of Nigeria says the nation's banks have adequate capital to absorb unexpected losses.

In a statement by its Director Corporate Communications, Ibrahim Muazu, the bank says this result followed a recent stress test of Deposit Money Banks in the country.

It says the banks have been directed to put in place, effective risk management system, as the apex banks continuously monitor the banks to ensure sufficient internal retention of capital.

Recently, the International Monetary Fund, IMF, commended the effort of the CBN in ensuring financial system soundness.

After a recent review of the country's financial performance, the IMF also noted that the nation's economic data were broadly adequate for surveillance, just as it agreed that allowing the exchange rate to depreciate while using some of the reserve was appropriate response to the recent fall in global oil prices.

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