Emefiele reveals bankings sector to provide necessary support to fiscal policies

Emefiele reveals bankings sector to provide necessary support to fiscal policies

Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), said on Tuesday, September 14, that the measures put in place by the apex bank to prevent economic crisis spilling into a financial crisis in the height of the COVID-19 pandemic had paid-up.

Emefiele made the assertion at a 14th Annual hybrid banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) under the theme: “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance.”

According to him, key indicators in the banking sector continued to reflect that the banking sector remained strong , resilient and healthy.

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“To prevent an economic crisis from spilling into a financial crisis the CBN worked to protect the interest of depositors; by ensuring that banks made adequate capital provisions to cover for unexpected loses.

”We also enabled banks to restructure their loans granted to individuals and businesses significantly affected by the pandemic.

“Our Banks also demonstrated exceptional resilience by putting in place business continuity plans; alongside deployment of digital channels; which ensured that the provision of financial services to customers was not disrupted by the COVID-19 Pandemic.

“We are delighted that these measures have paid -up; indeed key indicators in the banking sector continued to reflect that our banking sector remains strong, resilient and healthy.

“Capital and liquidity ratio in the banking sector has remained above the prudential limit of 15.5 and 41.3 per cent respectively.

“Our non-performing ratio in the banking industry in July 2021, stood at 5.4 per cent; reflecting a continued improvement from 6 per cent in Sept. 2020,” Emefiele said.

He added that the banking sector remained well-positioned to support the recovery efforts of the monetary and fiscal authorities.

“Clearly, Nigeria’s banks have become not only strong and resilient; but have also carved a good niche in the world; to consolidate on the growth and resilience of the banks in the last decades”, he added.

 

 

 

 

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