Emefiele made this argument yesterday during a press briefing after the Monetary Policy Committee (MPC) met in reaction to questions from newsmen.

“Concerning the banking sector, the system is strong. When economy faces stress, the banking sector equally faces its own share of the stress, but it has not gotten to a point where anybody should panic.

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"Since 2009, the CBN has come out to say that no Nigerian depositor will lose money. We monitor the activities of the bank directors and owners, whenever there is indication that any bank managers are doing anything that would undermined the growth of any bank we step in and take action to ensure that whatever they are doing does not lead to negative position of such bank,” Emefiele said.

Just yesterday, the CBN monetary policy rate (MPR) was increased to 14 percent from the previous 12 percent, retained the cash reserve ratio (CRR) at 22.50 percent, and the Liquidity Ratio (LR) at 30 percent.

The Monetary Policy Rate is the anchor rate at which the CBN, as part of performing its role as Nigeria's apex bank, lends to deposit money banks to boost the level of liquidity in the banking system.