The Central Bank of Nigeria (CBN) has affirmed that the country’s Deposit Money Banks (DMBs) remain robust despite facing both domestic and international challenges.
CBN Governor Yemi Cardoso made this known on Tuesday, November 26, 2024, in Abuja while delivering a communiqué following the 298th meeting of the apex bank’s Monetary Policy Committee (MPC).
It would be recalled that during September’s committee meeting, Cardoso had assured Nigerians that the country’s banking sector continues to be secure, stable, and robust.
Cardoso highlighted that the MPC members expressed confidence in the banking sector’s ongoing resilience and stability, even in the face of notable external and internal pressures.
Cardoso said:
According to Vanguard, the apex bank chief stated that the CBN would continue closely monitoring the banking sector to ensure adherence to regulatory standards and safeguard the industry’s stability.
He also noted that the MPC recognized the CBN’s initiatives to expand financial inclusion, aimed at strengthening the transmission mechanisms of monetary policy and enhancing its effectiveness.
Cardoso emphasized that the MPC members remained committed to identifying the best policy measures to tackle rising price trends, stabilize the exchange rate, and appropriately manage inflation expectations.
Recall that the MPC also announced an increase in the monetary policy rate (MPR), the benchmark for interest rates, to 27.50%.
In related news, TimesNow.com.ng reported that Nigeria’s tier-one banks’ combined total asset value increased to N116.80 trillion as of the end of the first quarter of 2024.
The figure represented a 23.81% or N22.46 trillion increase compared to N94.33 trillion as of December 2023.
TimesNow.com.ng analysis showed that combined assets grew by N22.46 trillion among the tier-one banks surveyed in the last three months.
Source: TimesNow.com.ng
