We won't let banks fail - Nigeria's Soludo

Chukwuma Soludo, the governor of the Central Bank of Nigeria, said on Monday that the central bank will not allow any of the domestic banks to fail.

Soludo said that the central bank sees it as its objective to ensure that "no bank will fail," and that it would achieve this with regulatory tools.

"Contagion effect of any bank failure at this time will be catastrophic," he added. The central bank is strengthening its contingency planning framework for systemic distress and will keep vigilant on