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CBN advocates reforms to stabilise economy

News » Business


Date: 4th March, 2013

Image: Central bank of Nigeria’s (CBN’s) Deputy Governor, Corporate Services, Suleiman Barau



There is need to carry out radical reforms in the financial system of the country to achieve stability in the economy, Central bank of Nigeria’s (CBN’s) Deputy Governor, Corporate Services, Suleiman Barau, has said.

Speaking at this year’s EuroFinance Conference in Lagos at the weekend, Barau, who was represented by the Deputy Director of Banking Supervision, Steve Nwadiuko, said such the restructuring was the only way to avoid massive corporate failure witnessed during the financial crisis of 2007 to 2009, which exposed the weaknesses in many banks.

He said reforms were needed to strengthen the stability and resilience of the global financial system and prevent the reoccurrence of systematic crisis.

He said chief finance officers of banks across the globe need to design strategies that would adequately address possible hitches in the financial system.

He said in Nigeria, the CBN has carried out reforms that are aimed at achieving financial system stability and instituting sound corporate governance. These, he said, has ensured that the financial system thrives to add needed support to the real sector and the economy.

He said the reforms are anchored on enhancing the quality of banks, establishment of financial stability and ensuring that the financial sector contributes to the economy.


Article Credit: Thenation News

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