Governor apologises to Nigerians over e-payment flaws

At the conclusion of the 2-day meeting with   the Monetary Policy Committee, MPC, the Central Bank of Nigeria, (CBN) Governor, Godwin Emefiele apologised to Nigerians on E-payment glitches at Abuja on Tuesday.

Emefiele agreed on some “isolated cases still persist” but these cases were being resolved.

On questions being asked, and responding to them, on the soundness of Nigerian banks in the wake of several banks collapse in the United States of America (USA), Emefiele said Nigerian banks had zero exposure to the failed banks in the USA.

“As a result, he assured that all Nigerian banks are safe and sound thanks to the existing prudential guidelines instituted by the CBN to protect banks against collapse that will wipe out depositors’ money,” he said.

Emefiele added that “no depositor has lost one kobo since 2008 from bank crisis because of the prudential guidelines put in place to protect depositors fund.”

He also chipped in a warning to bank shareholders to be mindful of the fact that “banking licence is a privilege not a right it can be withdrawn if shareholders misbehave.

“We would rather dispense with the shareholders than put depositors money at risk.”

At the end of the MPC meeting, it was agreed to increase Monetary Policy Rate to 18 per cent from previous 17.5 per cent adopted in January.