The Chartered Institute of Bankers of Nigeria (CIBN) has applauded the recent reforms of the Central Bank of Nigeria (CBN) expressing confidence in the recent actions of the apex bank.
The Chief Executive of the Institute, Mr. Akin Morakinyo, in a statement released on Thursday, assured the public of the stability and reliability of the banking system.
He further encouraged the banking public to proceed with their transactions and activities confidently.
He said,
- “CIBN would like to reassure the general public that the Nigerian banks remain strong and resilient and that the CBN is committed to ensuring a stable financial system,”
Morakinyo further stated that the institute remains committed to commendable initiatives from the Central Bank of Nigeria (CBN) and other stakeholders, contributing to a robust economy.
Backstory
- The new management of the CBN under the leadership of Yemi Cardoso has engaged in notable initiatives geared towards stabilizing the monetary space. In October, the CBN lifted the ban on 43 items that had hitherto restricted access to forex from the apex bank. The rationale according to the bank was to boost liquidity in the Nigerian Foreign Exchange Market.
- In November, it was reported that the CBN had begun clearing the backlog of forex obligations owed to foreign businesses operating in Nigeria.
- Earlier in the week, the CBN dissolved the boards of Union Bank, Keystone Bank and Polaris Bank over issues relating to regulatory non-compliance, failures in corporate governance, and involvement in activities threatening financial stability.
- The banks had been under investigation by a special investigator with regards to the acquisition although the banks have denied any wrongdoing.
- Sequel to the dissolution of the board of the aforementioned banks, the CBN swiftly appointed new executive officers for Keystone, Union and Polaris banks.