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:
Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…
A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…
https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…
Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…
Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…
Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…
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