CBN urges early detection of challenges in banks, timely intervention

The Governor, Central Bank of Nigeria  (CBN) Godwin Emefiele has urged early detection of challenges in banks and quick intervention to avert financial distress of depositors.

This is contained in a statement posted on the CBN website on Wednesday.

According to the statement, Emefiele spoke at the International Association of Deposit Insurers (IADI), Africa Regional Committee (ARC) Technical Assistance Workshop.

The  workshop was hosted by the Nigeria Deposit Insurance Corporation (NDIC).

Emefiele called for strong, effective collaboration among major stakeholders to achieve such early detection and intervention.

He said that measures taken by the monetary and fiscal authorities had reinforced resilience in the Nigerian financial system.

The CBN governor pledged the apex bank’s continuous support and collaboration with relevant stakeholders to strengthen the financial sector.

“CBN will continue to collaborate and support the efforts of other safety-net players in handling crisis within the financial system,” he said.

He said that Banking Sector Resolution Fund would be utilised exclusively to provide financial assistance to failing banks and bridge banks, as well as generally support any banking resolution process.

According to Emefiele, the CBN is determined to ensure robust regulatory landscape without stifling innovation.

He called for strengthened regional and continental financial systems for the benefit of all Africans.