CBN’s policies, interventions are instrumental to Nigerian economy recovery-CIBN Boss
The president of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Ken Opara, has said the Central Bank of Nigeria’s (CBN’s) policies and intervention programmes have been instrumental to the recovery of the nation’s economy
Speaking at the 2022 Annual Bankers Dinner organised by the institute, Opara noted that the CBN has continued to be purposeful in curtaining economic shocks from the aftermath of the 4th wave of the COVID-19 pandemic to keep inflation tidings and other related economic indices.
According to him, the apex bank’s policies and intervention programmes have been addressing issues such as distortions exacerbated by declining production levels fueled by the high cost of production, insecurity, dwindling government revenues, foreign exchange volatility and uncertainty in the global oil market.
“Through the careful management of the Monetary Policy Rate (MPR), the CBN continued to drive the recovery path of the Nigerian economy post-recession through the expansion of credit to the real sector, prudent management of foreign exchange and reserves as well as promoting sound financial environment and monetary policy. We are happy that the banking industry has continued to remain sound and resilient,” he pointed out.
Opara noted that more recent interventions of the CBN have seen the second phase in the implementation of the Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions (OFIs) to guard against cybersecurity threats in financial institutions; introduction of Bank Neutral Cash Hubs (BNCH) which seeks to reduce cost and improve operational efficiency in the country’s cash management value chain and the implementation of the second phase of e-Naira Policy to deepen financial inclusion/cashless economy.
“These and over 37 intervention programmes of the Bank aimed at sustaining the growth and development of the Nigerian economy. I would also like to reaffirm CIBN`s support of these laudable initiatives,” he said.