Banking system remains resilient, says CBN

The banking system continued to be resilient with major financial soundness indicators comparing favourably with the prudential thresholds as of the end of October 2022.

The Central Bank of Nigeria disclosed this in statements on monetary policies.

The Governor, CBN, Godwin Emefiele, said there was observed growth which was attributable to the substantial overshoot of domestic claims above programmed benchmark and importantly reflected the sustained growth of banking system credits to the private sector, consistent with the CBN policy to finance high-impact sectors.

This is especially as frozen oil receipt impedes the FX market, shrinking external reserves from $37.39bn in September to $36.87bn in October, and abetting exchange rate pressures.”

A member of the MPC, Adeola Adenikinju, said the various Financial Soundness Indicators showed that the banking systems remained safe, sound, and resilient.

All the FSIs were within the prudential requirements and compared well with comparator countries, he said.

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