The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of economic policy, Mrs. Sarah Alade, has said banks operating in Nigeria are one of the most regulated in the world and expressed optimism that the era of bank failure was gone.

Alade declared this at the second Adegboyega Awomolo and Associates Colloquium in Abuja where she  dismissed the insinuations that the action of JPMorgan would lead to collapse of the Nigerian banks.

She said the various economic policies already put in place by the apex bank to supervise and monitor banks in the country would prevent the financial institutions from collapse.

The CBN deputy governor who spoke through a director in the bank, Mr. Emmanuel Ukeje, explained that the JPMorgan was just an international bank whose action cannot in anyway spell doom for the country with its removal of Nigeria from the index.

She disclosed that the international bank felt angry with Nigeria when the authorities refused to succumb to its recommendation that the country’s currency, the naira, be further devalued.

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