Nigerian banks stable despite COVID-19 pandemic – CBN

"The non-performing loan ratio improved from 6.58 percent to 5.9 percent as of August 2021, while banking system credit to the economy increased to 10.99 percent between January and August."

32

The Central Bank of Nigeria (CBN) says banks have remained stable, robust, and resilient despite the COVID-19 pandemic.

The Director, Banking Supervision of CBN, Haruna Mustafa, disclosed this at the 2021 Financial Correspondents Association of Nigeria (FICAN) workshop in Ibadan on Friday.

Mr. Mustafa, represented by Adekunle Adeniji, the Assistant Director, Banking Supervision, CBN, said the Capital Adequacy Ratio (CAR) rose to 15.21 percent as of August, Liquidity Ratio (LR) rose to 42.23 percent.

He said the non-performing loan ratio improved from 6.58 percent to 5.9 percent as of August 2021, while banking system credit to the economy increased to 10.99 percent between January and August.

Mr. Mustafa further noted that the regulatory measures taken by CBN contributed to the growth. He listed some interventions by the apex bank to lessen the impact of the pandemic to include a reduction in interest rates to five percent.

Others are N50 billion target credit facility for households and Small and Medium Enterprises (SMEs) and re-enactment of Banks and Other Financial Institutions Act (BOFIA 2020) to strengthen the regulatory and resolution architecture for banks and other financial institutions.

READ ALSO:https://brandpowerng.com/stanbic-ibtc-bank-poised-for-smes-growth-through-access-to-capital-and-more-ceo/

The director added that CBN would continue to develop additional countercyclical policy options that could be utilised in periods of stress.

Mr Mustafa also explained that macro-prudential regulation and supervision were more critical now than ever.

“We expect financial services to be provided more in a digital manner. We will continuously update and assess our prudential rule books and policy to strengthen responses to economic and financial shocks,” said Mr. Mustafa. “We will continue to deploy effective stress testing methodologies to detect vulnerabilities early to enable appropriate pre-emptive action.”

Mr. Mustafa explained that the banking sector had also sustained the growth of key economic activities, which were impacted by the pandemic in agriculture, manufacturing, retail, healthcare, hospitality, and tourism.

 

 

(NAN)

You might also like

Leave A Reply

Your email address will not be published.

32 Comments
  1. Chadwick says

    Have you ever considered publishing an e-book or guest authoring on other blogs?
    I have a blog based on the same subjects you discuss and would really
    like to have you share some stories/information. I know my visitors would value your
    work. If you’re even remotely interested, feel free to shoot me an e mail.

    Also visit my web blog: Christiane

  2. Levi says

    Good post. I definitely love this website.
    Continue the good work!

    Here is my site Tisha

  3. Betsy says

    You can definitely see your enthusiasm within the work you write. The arena hopes for even more passionate writers such as you who aren’t afraid to say how they believe. All the time go after your heart.|

    mywebsiteno23.com

  4. Miguel says

    Hello, Neat post. There is a problem together with your site in internet explorer,
    could check this? IE still is the market chief and a good component to folks will omit your
    wonderful writing because of this problem.

    Review my site: Lavonne

  5. Kelsie Goudy says

    A fascinating discussion is definitely worth comment. I think that you should publish more about this subject, it may not be a taboo subject but typically people don’t talk about these topics. To the next! All the best!!|

    thenweone22.com

  6. BradleyNut says

    ivermectin 3mg pill https://stromectolivermectin19.com/# stromectol price in india
    ivermectin

  7. Johnnierex says

    ivermectin drug ivermectin cream canada cost – stromectol ivermectin buy

  8. Johnnierex says

    ivermectin buy ivermectin for sale – ivermectin over the counter

  9. Rodneyscope says

    buy medication online from india buy prescriptions from india – online pharmacy

  10. Rodneyscope says

    buy prescription drugs online without canadian drug prices – best online canadian pharmacy

  11. Rodneyscope says

    online pharmacies in india best online international pharmacies india – prescriptions from india

  12. Rodneyscope says

    generic ivermectin for humans ivermectin drg – ivermectin cream 1%

  13. Rodneyscope says

    india pharmacy mail order prescriptions from india – online pharmacies in india

  14. Rodneyscope says

    online pharmacy online pharmacy – offshore pharmacy no prescription

  15. ClintonRoalk says

    ivermectin oral solution ivermectin without a doctor prescription – ivermectin uk coronavirus

  16. ClintonRoalk says

    ivermectin cost uk stromectol 3mg tablets – ivermectin human

  17. ClintonRoalk says

    zithromax generic price zithromax – can you buy zithromax over the counter in australia

  18. ClintonRoalk says

    cost of plaquenil uk online doctor to prescribe hydroxychloroquine – hydroxychloroquine 300 mg

  19. ClintonRoalk says

    10 mg prednisone tablets prednisone 20 mg tablet price – can you buy prednisone over the counter in mexico

  20. ClintonRoalk says

    cost of ivermectin 1% cream ivermectin iv – ivermectin 50 mg

  21. DavidMycle says
  22. Jerrygrige says

    ivermectin tablets uk how much does ivermectin cost

  23. Jerrygrige says

    ivermectin 80 mg generic ivermectin cream

  24. Andresef says

    viagra canada viagra coupon

  25. Andresef says

    100 mg viagra lowest price viagra online

  26. Andresef says
  27. Andresef says
  28. Andresef says

    ivermectin usa price cost of ivermectin 1% cream

  29. Andresef says

    stromectol covid 19 ivermectin 6 mg tablets

  30. Andresef says

    stromectol 3mg cost ivermectin 2%

  31. Andresef says

    ivermectin ebay ivermectin 2%

  32. Andresef says

    generic plaquenil pills plaquenil for fibromyalgia

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More