Central Bank signs MOU with banks and investors

Central Bank signs MOU with banks and investors

The Central Bank of Nigeria, CBN, says it will announce on Thursday, the outcome of the Memoranda of Understanding signed between rescued banks and their prospective core investors.

CBN Governor Mallam Lamido Sanusi said the MOUs are not the final merger or acquisition documents. They are going to state the banks and their parties and there will be the necessary shareholders and regulatory approvals before the deals are finalised.

Sanusi gave the assurance that the CBN would continue to work to ensure that the banking sector was stabilized to help enhance the economy. He said that it would ensure that its policies promoted employment, improved living standard of people and protected jobs.

GDP growth

The CBN boss pointed out that the nation’s economy had been doing well on GDP growth, agriculture and services and in telecommunications growth, and pledged the apex bank’s commitment to protecting the strength of the Naira..
 

``We will continue to defend the Naira; if we have the foreign exchange to do it. If it becomes impossible, we have no choice, but if we can afford to and now we can with high oil price and output, we will defend the Naira,’’ he said
 
The governor said that the Naira lost 27 per cent value in 2009 and some more in 2010, adding that the bank had never practiced a fixed exchange rate regime.
 

NAN/Qasim/Ekata