CBN Governor Gives Update on Financial Health of Zenith, Access, GTB, Other Nigerian Banks
- Nigeria's CBN Governor, Yemi Cardoso, has emphasized the stability, resilience and robustness of Nigerian banks
- He indicated that members of the Monetary Policy Committee (MPC) are confident in the banking sector’s sustained resilience and reliability
- Cardoso also stated that the CBN will maintain vigilant oversight of the banking industry to ensure compliance with regulatory requirements
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.
The Central Bank of Nigeria (CBN) has affirmed that the country’s Deposit Money Banks (DMBs) remain robust despite facing both domestic and international challenges.
CBN Governor Yemi Cardoso made this known on Tuesday, November 26, 2024, in Abuja while delivering a communiqué following the 298th meeting of the apex bank's Monetary Policy Committee (MPC).
Source: UGC
It would be recalled that during September's committee meeting, Cardoso had assured Nigerians that the country's banking sector continues to be secure, stable, and robust.
CBN speaks on resilience of Nigerian banks
Cardoso highlighted that the MPC members expressed confidence in the banking sector's ongoing resilience and stability, even in the face of notable external and internal pressures.
Cardoso said:
“Key financial soundness indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loan ratio (NPL), and Liquidity Ratio (LR), amongst others, remain strong.”
The apex bank chief stated that the CBN would continue closely monitoring the banking sector to ensure adherence to regulatory standards and safeguard the industry’s stability.
He also noted that the MPC recognized the CBN’s initiatives to expand financial inclusion, aimed at strengthening the transmission mechanisms of monetary policy and enhancing its effectiveness.
Cardoso emphasized that the MPC members remained committed to identifying the best policy measures to tackle rising price trends, stabilize the exchange rate, and appropriately manage inflation expectations.
Recall that the MPC also announced an increase in the monetary policy rate (MPR), the benchmark for interest rates, to 27.50%.
Largest commercial banks in Nigeria by assets
In related news, Legit.ng reported that Nigeria's tier-one banks' combined total asset value increased to N116.80 trillion as of the end of the first quarter of 2024.
The figure represented a 23.81% or N22.46 trillion increase compared to N94.33 trillion as of December 2023.
Legit.ng analysis showed that combined assets grew by N22.46 trillion among the tier-one banks surveyed in the last three months.
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Source: Legit.ng
