Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has said that measures taken by the monetary and fiscal authorities have reinforced resilience of Nigeria’s financial system.
Emefiele, who said this Wednesday at the International Association of Deposit Insurers (IADI), Africa Regional Committee (ARC) Technical Assistance Workshop hosted by Nigeria Deposit Insurance Corporation (NDIC) in Abuja, however, called for “strong, effective collaboration amongst major stakeholders for early detection of problems in banks, timely intervention, contingency planning, crisis preparedness and management.
“CBN will continue to collaborate and support the efforts of other safety-net players in handling crisis within the financial system.”
The Apex Bank boss disclosed that the banking sector resolution fund to be utilised exclusively to provide financial assistance to failing banks and bridge banks, as well as generally support any banking resolution process.
The head of Nigeria’s banking sector regulatory authority reaffirmed it’s determination to ensure robust regulatory landscape without stifling innovation.
He stressed the need for strengthened regional and continental financial systems that will benefit Africa.
