{"id":84000,"date":"2021-07-25T11:35:49","date_gmt":"2021-07-25T10:35:49","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=84000"},"modified":"2021-07-25T11:35:49","modified_gmt":"2021-07-25T10:35:49","slug":"panic-withdrawal-cbn-debunks-distress-alert-on-zenith-bank","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/panic-withdrawal-cbn-debunks-distress-alert-on-zenith-bank\/","title":{"rendered":"Panic Withdrawal: CBN Debunks Distress Alert On Zenith Bank"},"content":{"rendered":"<div id=\"m#msg-f:1706244512562278828\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Ahead of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) starting on Monday July 26, the financial regulator has reiterated the resilience, safety and soundness of Nigerian Deposit Money Banks (DMBs) and other financial institutions under its supervision.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">\nThe apex bank made the clarification following unconfirmed reports in the social media that depositors fund in Zenith Bank may be trapped as the bank is no more solvent.<\/div>\n<div dir=\"auto\">\nSpeaking with journalists\u00a0 at the weekend, the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, said the Nigerian banking system had proven to be very sturdy in spite of the global challenges posed by the coronavirus pandemic.<\/p>\n<p>The online report claimed that Zenith has been facing the worst liquidity challenge since March of 2021 due to gross mismanagement of her fund which\u00a0 has led to panic withdrawals by depositors in Lagos, Kano and other parts of the country.<\/p>\n<p>According to Nwanisobi, routine bank examination and stress test for financial institutions operating in the country indicated that no Deposit Money Bank (DMB) licensed by the Central Bank of Nigeria is currently under any form of financial distress, adding that the banks have adequate capital to absorb unexpected losses that may arise.<\/p>\n<p>In line with the Bank\u2019s resolve to ensure adherence to prudential standards, Nwanisobi said the CBN continues to monitor the activities of banks in order to ensure that no individual or institution breaches the laid down guidelines. He therefore advised the banking public to disregard any report alleging insolvency in the Nigerian banking sector.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Ahead of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) starting on Monday July 26, the financial regulator has reiterated the resilience, safety and soundness&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":69010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-84000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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