CBN determined to stabilize the banking sector

Sanusi Lamido Sanusi
Central Bank Governor

CBN determined to stabilize the banking sector
Obiora Ani, Abuja

The Central Bank of Nigeria, CBN says it is sanitizing the banking industry in the country to safeguard depositors’ funds and ensure stability in the banking sector.

Governor of the Central Bank, Sanusi Lamido Sanusi, said this at the National Assembly, Abuja in an interactive session with the Senate Committee on Banking, Insurance and other Financial Institutions.

Measures

Mr Lamido Sanusi said he had to take the tough measures to save the banks and forestall a situation where depositors may be compelled to pay to rescue banks misappropriated by their chief executives.

VON Senate correspondent Obiora Ani reports the apex bank’s governor as saying that the eight distressed banks in the country had been resuscitated urging depositors not to panic over their deposits.

Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Ayo Adeseun, said the committee invited the Central Bank to appraise its performances in the areas of banking operations, non-interest banking and the cashless society project being proposed by the apex bank.

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