CIBN Backs CBN’s Banking Reforms

The Chartered Institute of Bankers of Nigeria (CIBN) recently announced their support for the Central Bank of Nigeria’s (CBN) banking reforms.

The announcement was made during the 58th Annual Bankers’ Dinner, where the CIBN President, Dr. Ken Opara, commended the CBN for their efforts in unifying the Naira exchange rate and other recent economic policies.

According to Dr. Opara, the unification of the Naira exchange rate will help save the country from a financial crisis.

The CIBN also praised the government’s decision to remove fuel subsidies, stating that it will help reduce the fiscal deficit and promote economic growth.

The Senate has also committed to thoroughly reviewing the existing regulations and legislation governing the nation’s banking sector.

Senator Kashim Shettima, the Vice President, stated that the government is determined to create a more conducive environment for banks to operate in.

The CBN Governor, Dr. Olayemi Cardoso, also spoke at the event and identified the current financial challenges and solutions.

He announced that the CBN had moved from its statutory duties in the past and would be implementing a new round of banking recapitalization to meet the demands of Nigeria’s economy.