Stella Dimoko Korkus.com: CBN Asks Banks To Rescue The Economy.

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Saturday, 10 December 2016

CBN Asks Banks To Rescue The Economy.

The Central Bank of Nigeria has charged Deposit Money Banks in the country to work towards salvaging the distressed economy as the role of returning it to normalcy remains their responsibility owing to their financial intermediation activities that cut across all sectors.



Aside the intervention policies of the CBN, which are extended to the target populace through the banks, there is an added role for the financial institutions in evolving innovative approach to the nation’s development agenda, according to the apex bank.

The CBN Governor, Godwin Emefiele, who made the charge in his opening address at the 2016 Bankers’ Committee retreat in Lagos on Friday, noted that at a critical time in the country’s history, the emphasis on diversification and support for its achievement must be accorded priority by bankers.


At the retreat with the theme: ‘Economic Recovery: The Role of the Banking Sector’, the governor reiterated that banks must come up with innovative solutions that would enable the finance sector to play a key role in driving Nigeria’s growth and development.

The retreat, which is the eighth in the series, is an annual event where members of the Bankers’ Committee engage in strategic review of critical developments within the financial system and the economy.

Emefiele added, “The focus on economic recovery by bankers is timely, given the sustained external headwinds we are grappling with, triggered by several factors. Chief of such is the 70 per cent plus decline in the price of crude oil between June 2014 and June 2016.

“With over 90 per cent of our export revenues coming from the sale of crude oil, the drop in its prices along with the end of the quantitative easing programme in the United States has led to a huge impact on our economy, particularly in the foreign exchange market.”

Meanwhile, the Lagos State Governor, Mr. Akinwunmi Ambode, has charged banks to take their role of reviving the economy seriously.

Ambode, who was represented by the Deputy Governor at the opening of the retreat, Dr. Idiat Adebule, called for a change of orientation and support for policy instruments aimed at achieving the overall goal of reviving the economy.

“We must innovate now, because there is no option to get out of the recession. We must get it right too. The banking sector has a major role to play, because the survival of other sectors depends in part on sustainability and vibrancy of banks,” he said.

He gave an assurance that the suggestions of the bankers would be given due consideration by the government and its agencies to serve as a guide in policy formulation.

But noting that there is a paradigm shift, Emefiele said that emphasis was now on creating an enabling environment for a more diversified growth structure that was not dependent on the sale and production of one produce, crude oil.

from punch.


27 comments:

Bianca BRUNO said...

Long story.

Isaacson said...

Good morning BV's and you madam Stella

Which banks,what happened to our leaders Na???

T.I said...

Mofos...when y'all dmt listen to advice from professionals...

TITI KAMARA said...

I don't see any good news in this. Banks that are sacking their staffs. Federal govt. removed all their money in commercial banks and deposited it in central bank, so how are they helping the banks too. May God help this country.

becky naka said...

Why can't we as a country start producing by-products of crude oil since crude oil is no longer selling, there are over 1000 by-products yet we import these things. we can't continue to depend on crude, there is enough money to buy equipment and set up industries and at the same time creating more job opportunities.

They should stop wasting money on retreats,conferences stop oral talks and start being practical.

God help Nigeria.

code009 said...

I pray it works

nzube izuu said...

Olodo Governor!

Annie said...

Banks to the rescue

shaybee said...

good move
God bless Nigeria









coming...

GALORE said...

Banks sef no get money...people are no more doing deposits

MMM ti take over

Bow 🎀 down 👇 bitches(CBN)



Happy 😊 Sabbath blog fam.


My case is DIFFERENT




@Galore

Fierce of SDK blog said...

Amen.

Zitel Coconut oil Onitsha 08081725441 said...

Whatever it will take to salvage the economy should pls be done. Businesses are adversely affected. Praying for a glorious 2017

Sansa Stark said...

Praise the lord

Alabi Ganiyat said...

hmmmmmmm.....

Flawlessbae said...

watin we never hear from una? we don tired, hunger dey dis country ooooooo may God help us.

Suoebi(Niger delta finest) said...

Abeg..please they should put enough money in all their ATM's so that people can withdraw their money with stress...am tired of standing in long queues to withdraw money and then at the end of the day the money will finish before it gets to my turn

The Sexiest Mother Of This Blog said...

Stories that touches the heart and tickles the bumbum


Mtchewwwww!

OYIN said...

It is well...

sophie wise said...

story for the gods.......

Anonymous said...

Return theTSA funds to the banks, reduce treasury bills rate then the banks can themselves be stable enough to help.
Emefiele became CBN Gov based on political strings and not merit. Until a competent President and CBN gov is appointed..we will only be chasing shadows

BTW pounds to naira is now 600/1...I weep for my country

ThatYorubaChic#wifenotcook said...

LMAO

Stella Igbokei said...

Don't mind the clueless governor and govt. They introduced TSA and moved all govt fund to CBN thereby reducing banks profitability and liquidity since they can't trade on the funds anymore. Most banks had to look for another means to generate incomes and revenue. So morale suasion won't work now

Stella Igbokei said...

Lolz. In some cases out of 3-4 ATM machine only one is paying

Anonymous said...

Jonathan didn't introduce TSA coz he was advised by the banks MDs and chairman on the implications it'll have on Nigeria economy.but clueless governor and govt took it up.

Olodo Sapiosexual said...

Staff not staffs

Passenger said...

Another incompetent appointee that ought to have been sacked since. A clueless governor like his clueless president. How can they come to the rescue when CBN & FG are making policies to stiffen their operations thus the ripple effect on the economy. Banks struggling to survive by downsizing workers or cutting salaries just to keep going. This govt as at now is a total disaster don't know abt later tho. They were never prepared for power thus no strategic planning but excuses and talks.

#passengerpassingthrough

Anonymous said...

With all the new stifling policies the CBN placed on these bank, what enabling environment and economic lift do they want to see? You can't beat a child and tell him not to cry. Confused people in CBN.

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