Business

With Concerns over Global Banking Crisis, CBN Governor Emefiele Pledges Improved Supervision, Monitoring of Banks

Following the recent collapse of Silicon Valley Bank and Signature Bank in the United States that heightened concerns of a likely global banking crisis, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Saturday said regulators in Nigeria would continue to keep their eyes on banking system stability, through monitoring and supervision of financial institutions.
Emefiele said this during an interview with journalists on the sidelines of the ongoing International Monetary Fund/World Bank Spring Meetings in Washington DC.


In addition, he pointed out that the support of CBN’s tight monetary policy by the IMF was a testament to the fact that the central bank was doing the right thing.
“So, the focus remains that monetary policy and monetary authorities must continue to focus on inflation so as to continue to bring it down. While monetary authorities are doing their work, to bring down inflation, they must also keep their eyes on banking systems’ stability, through monitoring, supervision, and regulatory frameworks and the rest of them,” Emefiele stated.
He said: “We are delighted that even in sub-Saharan Africa, the growth levels in Nigeria, even though by our assessment is still sub-optimal, that the IMF would among all the countries in Africa, say that growth in Nigeria should be retained at 3.2 percent, gladdens our heart.  


“It means we are doing certain things that are correct and we’ll continue to do those things that are right. But it also means that we are not going to remove our eyes on monetary policy, which is to focus extensively on how to moderate inflation, but at the same time, ensure that banking system stability remains resilient and then strong, as it is right now.”
Commenting on the general overview of the spring meetings which ends today, Emefiele noted that the focus of the gathering of policymakers across the globe, was to proffer solutions to food crisis, rising poverty, and global inflation, as well as other pertinent issues.
He added: “The forecast at the meeting remains that yes, a lot of work has been done in 2022, and growth is gradually returning again, but it is still at the sub-optimal level. Inflationary pressures continue and even though inflation is coming down as a result of measures being taken by monetary authorities to bring down the inflation rate, it still remains at very high levels globally to the extent that even as global inflation is projected at seven percent, it remains very high.
“And the high point of all the consequences of what we’ve seen in 2022 is that poverty, which was very well discussed here, has risen quite astronomically globally and over 700 million people are being struck by poverty.


“Food insecurity has also risen quite tremendously to the extent that over 350 million people globally are hit by extreme food crises all over the world.”
Furthermore, he noted that the rise in global debt was causing a funding squeeze, adding that multilateral organisations were becoming reluctant to lend to countries in need of loans.
The CBN governor adds: “Even the IMF themselves also talked about the fact that even the debt portfolios and lending portfolios have reached all-time highs. In two decades, this is the highest level of debt portfolio that the IMF has seen in its books, and unfortunately warning that they may not be in a position to do much for countries that really require more debt to be able to restructure the balance sheet and then keep going.


“For the fiscal of course, because of the limited fiscal space, the IMF insists that countries need to reduce their spending but, in my case, I will say well, if you want to spend, then raise revenue to be able to spend.
“I think it’s important that you must raise revenue and not get yourself constrained in an environment where there is no debt, where financial market conditions are very tight and very limited, and where interest rates are high and could create a lot of burden for economies and the only option for fiscal in this case is to expand the revenue base so as to be able to spend.”

Nume Ekeghe, Funke Olaode and Ugo Aliogo in Washington DC

Follow us on:

AriseNews

View Comments

  • AUCTION!!! !! Toyota Vehicles available at a cheaper and affordable, auctioned rate; 070-_-45_-4066_-_74
    Toyota 4Runner: #900,000
    Toyota Avalon: #800,000
    Toyota Camry: #550,000
    Toyota Corolla: #500,000
    Toyota FJ Cruiser: #800,000
    Toyota Highlander: #800,000
    Toyota Matrix: #650,000
    Toyota hilux: #850,000
    Nissan part finder: #850,000
    Nissan Murano: #850,000
    Honda Accord: 550,000
    Lexus Rx300,330,350,750,850: 900,000
    Latest Model Toyota Prado N950, 000
    Latest Model Toyota Rav4 N700,000
    Latest Model Toyota Sienna#600 N800,000
    Latest Model Toyota Venza N800,000
    Latest Model Toyota Yaris N500,000
    Volkswagen Golf 3 N200,000
    Volkswagen Golf 4 N300,000
    Volkswagen Jetta N300,000
    Volkswagen Beetle N300, 00
    Volkswagen Passat N300,000
    Mazda MPV N450,000
    Mazda 626 N350.000
    Mazda Tribute N400.000
    Mercedes-Benz C-Class N700.000
    Mercedes-Benz E-Class N650.000
    Mercedes-Benz GLK N750.000
    Mercedes-Benz ML320 N800.000
    Mercedes-Benz ML350 N900.000
    Mercedes - Benz G-Wagon N1,200000 and Other
    Mercedes Benz Not Included On List ...
    Mistibushi N400,000
    Nissan Primera N450,000
    Nissan Sentra N350,000
    Nissan Sunny N350,000
    Nissan Armanda N850.000
    Nissan Xterra N400,000
    Nissan Quest N300,000
    Peugeot 206 N400.000
    Peugeot 406 N450,000
    Peugeot 607 N470,000
    Peugeot 407 N500,000
    LEXUS RX 350 #950,000
    LEXUS RS 330 # 850,000
    LEXUS RS 300 # 750,000
    LEXUS RX 470 1.5m

    LOCATION AT OGUN
    STATE IDIROKO BORDER WE
    HAVE TWO OPTION
    ELDER WE DELIVERY OR
    YOU COME OVER IF WE
    HAVE TO COME OVER WE
    NEED THIS FROM YOU

    {1} NATIONAL ID CARD
    {2} BORDER PERMIT
    {3} INSPECTION DOCUMENTS
    {4} 2PASSPORT

    THANKS FOR YOUR
    PATRONAGE WE

    DELIVER TO 36 STATE IN
    NIGERIA AND ALSO
    COME DOWN WITH THE
    FULL PAYMENT CALL
    FOR MORE
    INFORMATION
    {O8O 8271 2224 }
    Call THE state auctioneer officer ETTAH . on O8O 8271 2224 for purchase order and details.
    Among which we have full details;
    2013 TOYOTA CAMRY L/SE
    Odometer:18,174 mi (ACTUAL)
    Highlights: Run and Drive
    VIN:4T4BF1FK5DR289432
    Body Style: SEDAN

Recent Posts

Israel Hostages Forum Calls for Investigation into Leak of Confidential Documents by Netanyahu Aide

The Israel Hostages Group has urged for an investigation after a Netanyahu aide allegedly leaked…

25 seconds ago

Japan Launches World’s First Wooden Satellite LignoSat To Test Timber’s Potential In Space

Japan has launched LignoSat, the world’s first wooden satellite, to explore timber's potential in sustainable…

4 mins ago

Rights Activists Demand Release of Iranian Woman Detained For Undressing In Defiance Of Hijab Laws At University

Human Rights activists have renewed calls for Iran to release a woman who undressed in…

29 mins ago

93 Zamfara State Students Stranded in Cyprus, Government Alleges Negligence by Matawalle’s Administration

Zamfara government has blamed Matawalle's administration for the plight of the 93 students stranded in…

34 mins ago

Government Moves To Terminate Julius Berger’s N740bn Abuja-Kano Contract Over Non-Compliance

The federal government has issued a 14-day termination notice to Julius Berger over non-compliance on…

53 mins ago

NHIA, States Move to Maximise $669m Global Fund Support for Health Insurance

The NHIA, with Global Fund’s $669 million support, aims to strengthen Nigeria’s health insurance against…

1 hour ago