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CBN, Senate Committee on Banking Pledge to work in National Interest 

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CBN, Senate Committee on Banking Pledge to work in National Interest

Governor of Central Bank of Nigeria, CBN, Godwin Emefiele has reassured the National Assembly that the apex bank will work with Senate Committee on Banking, Insurance and other Financial Institutions for the development of not only the financial system, but the entire Nigerian economy.


Mr. Emefiele stated this yesterday when he appeared before the committee with his deputy governors and directors in various departments of the bank.


He thanked the chairman of the committee, Senator Uba Sani and the entire members for  extending a hand of fellowship to the banking and insurance sector.


“You were very clear in saying that we are partners in progress, in the sense that we have a shared and joint responsibility to work together towards seeing to the development of the banking and insurance system in Nigeria, indeed the financial system in Nigeria.


“Because this committee, being the oversight committee looking at banking and insurance, you are effectively looking at  the entire financial system because the banking and insurance sector in the financial system constitute close to 85 per cent of the entire stakeholders in the financial system in Nigeria.


“We note with your comment also that we have a shared and joint responsibility to perform our roles to the extent that we should be seen to be agents that will positively catalyse our economy and also see to the stabilization of our economy.


The CBN Governor said they also want to commit to the fact that they would work with the committee. “We will make your work in the  committee easy. It seems we have shared and joint responsibility to see to the development of not just the financial system, but also of the Nigerian economy generally.  I make bold to say that we have shared interest and we don’t have any choice but to work together to the achievement of these objectives. I look forward to some deeper engagement, open, robust and enriching discussion as you have alluded to in your opening remarks


Earlier, the chairman Senate Committee on Banking and Financial Institutions, Senator Uba Sani told the CBN team that the committee’s mandate to oversight the banking sector derives its powers from the Senate Standing Rules.


Sani said the committee also looked at  the border closure by the Federal Government and resolved that it is in the best interest of the country, adding that the CBN would continue to assist local rice production and small and medium businesses.

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