Economy
CBN’s role is critical to economic survival – President
Jun 15, 2010, 17:50
| | President Goodluck Ebele Jonathan has said the successful implementation of the supervisory functions of the Central Bank of Nigeria is critical to the economic survival of the nation.
The President was speaking to members of the Board of Directors of the Central Bank of Nigeria, during a courtesy call, at State House, on Tuesday June 15.
“Your role is very sensitive and must be handled carefully”, he stated.
President Jonathan expressed the concern shared by many Nigerians about the need for the CBN to perform maximally in order to ensure that the banking sector does not go through crises as recently experienced in some banks.
“We must ensure that the recent problems faced by the banking sector are not repeated”, he stated, adding that for banking supervision to succeed, the CBN must upgrade its capacity to enforce the laws governing the sector.
Earlier, Mr Sanusi Lamido Sanusi, Governor of the Central Bank, had briefed the President about the efforts to restore the eight troubled banks to normalcy, pointing out that some of them were already making profit.
He said the Bank’s major concern was to safeguard the interests of depositors and avoid any bank collapses, with the attendant consequences on the economy, adding that there were ongoing efforts to strengthen the capacity of the CBN and build a culture of self-regulation.
Mr Sanusi used the occasion to express the Bank’s condolences on the death of President Umaru Musa Yar’Adua and congratulated President Jonathan on his assumption of office.
© Copyright 2012 nigeriafirst.org
Top of Page | 
