Nigerian Banks Safe & Sound- CBN

Mrs Tokunbo Martins

The Central Bank of Nigeria (CBN) has assured Nigerian that the banking system is safe and sound, the director of banking supervision Mrs Tokunbo Martins disclosed this to news men at the end of bankers committee meeting in Lagos.

Commenting on the state of banks she said the banks agreed to improve on their Risk Management in order to withstand any major shock.

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Commenting on the foreign exchange market the managing director of First Bank Limited Mr Bisi Onasanya said there is nothing to be worried about the JP Morgan delisting of Nigeria from their bond index, stressing that the foreign exchange market will be effectively managed for Nigeria and Nigerians.

Onasanya noted that the banks will continue to supply forex to the key sectors of the economy through the CBN official window.

On the Bank Verifications Number (BVN) Mr Jubril Aku Managing Director of Ecobank called on depositors to use the remaining days in the month of October to go and register as there will be no extension to the October 31, 2015 deadline set aside for the BVN exercise.

He said as from November 1, 2015 any depositor that is not captured will not have access to his or her account until the customer is registered.

The Managing Director of Fidelity Bank Plc Mr Nnamdi Okonkwo who spoke on the Treasury Single Account (TSA) said the Industry liquidity has remained strong despite the introduction of TSA.

While stressing that TSA was not intended to strangulate banks, he said the reduction of Cash Reserve Ratio from 31 percent to 25 percent is a major palliative against the implication of the TSA.

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