President Yar'Adua commends CBN management for fiscal stability
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May 4, 2009, 16:14

President Umaru Musa Yar’Adua has attributed the stability in the Nigerian financial sector to proactive measures taken by the management of the Central Bank of Nigeria before the world wide financial meltdown began.

Represented by Finance Minister, Dr Mansur Muhktar at the bank’s 50th anniversary celebrations on Monday May 4 in Abuja, President Yar’Adua contended that if not for the reform introduced by the Central bank, the economy would have been in a more critical situation.

According to the President: “Most people would agree that without the successful banking consolidation and effective management of our foreign reserve, the current global financial crisis would have shaken the financial system and our national economy to their foundations with calamitous consequences.

“As we work to re-brand Nigeria, our banks remain our dominant transnational corporations whose brand names adorn billboards around the world.

“The CBN microfinance banking revolution is also changing the face of the poor in our country. And the advances in the payment system are commendable.

“I cannot possibly list all your achievements in this short speech. I can only say, keep it up, President Yar’Adua said.

In his remarks, the Governor of the Central Bank of Nigeria, Professor Chukwuma Soludo said the bank recorded many achievements including the banking consolidation.

The Governor said the management had chosen this occasion not for rolling out the drums but for sober reflections about the future of the Nigerian financial sector.

The Central bank of Nigeria was established in July 1958 as a currency monitoring agency and has grown into one of Africa’s biggest financial regulatory agencies in the past 50 years.

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