The policies and intervention schemes of the Central Bank of Nigeria (CBN), received a major boost after the Chartered Institute of Bankers of Nigeria (CIBN) reiterated its commitment to upholding ethics in the Nigerian banking industry
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The president of the CIBN, Mr. Ken Opara, observed that the CBN has continued to be purposeful in curtailing economic shocks from the aftermath of the 4th wave of the COVID-19 pandemic to keep inflation tidings and other related economic indices.
He made this statement at the 2022 Annual Bankers Dinner organised by the institute.
According to him, the apex bank’s policies and intervention programs have been instrumental to the recovery of the Nigerian economy 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 the 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 Cyber-security Framework and Guidelines for Other Financial Institutions (OFIs) to guard against cyber-security 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 as well as, more recently, the redesigning of the naira note to fight counterfeiting, control currency in circulation, deepen CBNs drive to entrench cashless economy and sustainability of the financial industry.
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“These and over 37 intervention programs 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.
The CIBN president also reiterated the institute’s commitment to upholding ethics in the banking industry saying, “being the conscience and moral compass of the banking and finance industry, CIBN is resolute and committed to the observance and maintenance of ethics and professionalism among practitioners in the industry.”
