CBN fixes Monday for 294th MPC meeting

The Central Bank of Nigeria has released a strong affirmation of the security of cash within Nigerian banks, highlighting the country's banking sector's soundness. Amid widespread unconfirmed rumours, not originating with the CBN, raising concerns about the health of Nigerian banks, the central bank of Nigeria asked the people not to panic and to continue with their usual banking activity. To ease people's anxieties and comfort them, the CBN emphasized its readiness and capability to carry out its stated role of maintaining a stable financial system in Nigeria. This statement by the CBN responds to the concern caused by unverified information and seeks to reassure the public about the safety and stability of the country's banking industry. "The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions," said the apex bank's acting Director, Corporate Communications, Hakama Sidi-Ali, in a statement issued on Wednesday. "To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN. "The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria's financial system. "We assure the general public and depositors that their funds are safe in Nigerian financial institutions. "Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern." This statement follows a report by the CBN's special investigator, Jim Obazee, alleging that Godwin Emefiele, the former governor of the federal bank, used proxies to establish two financial institutions. According to the report, Emefiele utilised proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing any proof of payment. As a result, it recommended that the Federal Government reverse the sale and take over the banks.

Sunday Michael Ogwu

Wed, 20 Mar 2024 2:43:17 WAT

The Central Bank of Nigeria is set to convene its 294th Monetary Policy Committee (MPC) meeting, a highly influential gathering that plays a key role in formulating the nation’s economic strategies for Monday.

The CBN in a notice posted on its website yesterday noted that the upcoming event will take place over two days, starting on Monday, March 25 and continuing through Tuesday, March 26, 2024, at the bank’s headquarters in Abuja.

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The MPC is the bank’s foremost decision-making committee tasked with examining economic and financial conditions in the economy, setting the suitable policy direction for the near to medium term, and routinely assessing the CBN’s monetary policy framework for needed adjustments.

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