Nigerian banks remain resilient- CBN
CBN Building
Nigerian banks remain resilient- CBN
Nike Popoola
Key financial soundness indicators have shown that Nigerian banks have remained resilient, according to the Central Bank of Nigeria (CBN).
The Governor, CBN, Olayemi Cardoso, disclosed this in his statement after the last Monetary Policy Committee meeting in Abuja.
He said, “The MPC noted the sustained resilience of the banking system, reflected in improvements of key financial soundness indicators (FSIs). Members further encouraged the continued need for close monitoring of the system, as the implementation of the recapitalization exercise progresses.”
Cardoso also said the MPC noted the narrowing spread between the various foreign exchange segments of the market, an indication of price discovery and improved market efficiency, thus reducing opportunities for arbitrage and speculation.
The Committee noted that the increase in the level of external reserves would further build confidence for a more stable exchange rate and thus, urged the Bank to explore available avenues to improve inflows, especially through diaspora remittances.
In addition, he said, members noted the efforts of the Federal Government and private sector towards improving domestic refining capacity as this is expected to reduce foreign exchange currently being expended on the importation of refined petroleum products
