Apex bank says no worries over the health of Nigerian banks
Emefiele made this argument yesterday during a press briefing after the Monetary Policy Committee (MPC) met in reaction to questions from newsmen.
Central Bank Governor Godwin Emefiele speaks on the conclusion of the monthly Monetary Policy Committee meeting in Abuja, Nigeria.
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.
ADVERTISEMENT
"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.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
NCDC intervenes as 8 die, Sokoto's mysterious illness remains unidentified
He helps deprived Nigerians of all faiths - Obi's aide denies religious politics
Otu allocates ₦100m to improve school children's nutrition, learning, health
JAMB warns UTME candidates against sharing details with fraudsters
Ex-attorney general Adoke cleared of money laundering charges
Court permits Nigerian to amend $150m case against Google, GoDaddy
Delta monarch declared wanted over Okuama killings regains freedom
Tinubu endorses 3 frameworks to educate Nigeria's out-of-school children
Anxiety as APC confirms Ganduje's chairmanship status
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT