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Banking System Now Stable, Says Sanusi

Category: Money Market

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Banking System Now Stable, Says Sanusi


Monday, December 19, 2011 7:57 AM


Bankers' Committee Retreat Outcome


The Nigerian banking system is now stable and well positioned to stimulate the growth and development of the Nigerian economy, the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has said.

The Governor, who spoke at the end of the 3rd Bankers' Committee Annual Retreat in Calabar, Cross Rivers State, said "after two years of focused attention by the regulator and operators, the nation's financial crisis is in the final lap of resolution."

The CBN Governor said that in year 2012 the Banking industry agenda wants to address outstanding issues relating to the restoration of the balance sheet of banks, entrenching corporate governance, avoiding build-up of non-performing loans and encouraging lending to the agricultural sector, amongst others.

The Bankers in a communiqué at the end of the retreat resolved to impact the economy more positively and also commended President, Goodluck Ebele Jonathan, for his reform agenda at creating jobs and growing the economy.

Sanusi said the Bankers' committee, which has the CBN Governor, the Deputy Governors of the Central Bank, Managing Director of the Nigeria Deposit Insurance Corporation and the Chief Executive Officers of the deposit money banks present chose the theme: 'Financial System Stability and Implication for Economic Development', in recognition of the challenges facing the global and local financial system.

The Bankers' Committee engaged experts from within and outside Nigeria for the retreat to develop strategies for improving on the gains recorded in real sector development, ensuring sustained stability of the financial system as well as determine further opportunities for financial system intervention, Sanusi said.

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