Cardoso: Regulation Key To Sound Financial System, Reduction Of Operational Excesses in Nigeria

The incumbent Governor of the Central Bank of Nigeria, (CBN), Mr. Olayemi Cardoso, has said that regulations were crucial for maintaining compliance and curtailing excesses in the banking sector.

Represented at the opening of the 2023 Bank Directors’ Summit in Abuja by CBN Director, Payment System Management Department, Chibuzo Efobi, Cardoso said given the sophistication of banking operations, aided by technology, CBN regulations were key to ensuring that only fit and proper persons were allowed to hold banking licenses.

The Chairman of the Bank Directors Association of Nigeria (BDAN), Mr. Mustafa Chike-Obi, also requested that the federal government should put a stop to the AMCON Levy because it had exerted heavy cost on the industry.

Chike-Obi had earlier restated the commitment of the banking sector to partnering with the federal government towards achieving economic growth. He urged the CBN to always consult the banking industry in crafting its policies, adding that the “era of regulations without consultation should end”.

He said the central bank should initiate regular meetings with bank directors.

Chike-Obi said the AMCON levy tended to be unsustainable and should be reconsidered. He said something needed to be done to make pension funds yield something higher than inflation.

James Emejo 

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