The Chattered Institute of Bankers of Nigeria, CIBN, has stated that some government policies such as the removal of fuel subsidy and floating of the Naira, impacted negatively on the banking sector and the Nigerian economy at large.
The bankers’ association stated this in Umuahia on Saturday at the 2024 end of the year event of the CIBN, Abia State branch.
The address was delivered by Adiele Kelechi, chairman of the organising committee.
The bankers who identified information technology, IT, migrations carried out by many banks in 2024 as another tough battle they fought, said that high inflation and increase in the Monetary Policy Rate, MPR, were occasioned by fuel subsidy removal and floating of the Naira.
The CIBN members who said that bankers have been at the forefront of economic battles, noted that the Nigerian economy has started witnessing envisaged stability from the Federal Government’s economic policies.
Also speaking, a former Director of Communications at the Central Bank of Nigeria, CBN, Isaac Okoroafor who was honoured for his roles in Nigeria’s economy and contributions to the Institute, identified bankers as the engine room in the stability of a nation’s economy.
The Chairman of Abia State Board of Internal Revenue, Professor Udochukwu Ogbonna, who delivered a keynote address, advised the Central Bank of Nigeria, CBN, to reduce the cash reserve ratio to enable banks to extend loans to customers.
“Deposit Money Banks outside the monetary policy measures should do adequate credit analysis and appraisal before extension of credit to customers”, Ogbonna said, adding that study of various countries’ CRR shows that Nigeria currently maintains the highest at 45 percent.
