Emmanuel OchayiIn a bid to address the pressing issue of inflation, the Senate Committee on Banking, Insurance & other Financial Institutions has urged the Central Bank of Nigeria (CBN) to take decisive action.
Speaking at a retreat with the Nigeria Deposit Insurance Corporation (NDIC) in Lagos, the committee chairman emphasized the need for measures to curb inflationary pressures in the country.
“If you follow what has been happening, particularly from the end of the CBN, you have seen a draft of circulars…they should give them a bit of time,” stated the chairman, highlighting recent policy decisions aimed at stabilizing the economy.
READ ALSO: Experts Urge Nigerian Govt To Adopt Multi-sectoral Approach In Tackling Inflation
He stressed the importance of focusing efforts on moderating inflation, which in turn could positively impact other economic indicators such as interest rates and exchange rates.
Regarding the impending meeting of the Monetary Policy Committee (MPC), the chairman expressed confidence in the timely constitution of its members. “Well, to the extent that we know that it will be held on February 26, clearly the members will emerge before the day,” he affirmed, echoing assurances from the CBN.
In tandem with these efforts, the NDIC revealed an ongoing collaboration with the CBN to bolster the supervision of banks amidst economic challenges. The Managing Director of NDIC underscored the importance of maintaining the quality of banks’ assets and ensuring adherence to regulatory standards. “Various measures are being put in place to heighten supervision so that we don’t run into a situation whereby the quality of assets would deteriorate in the banking system,” he affirmed.
The NDIC’s role as a protector of depositors and promoter of financial stability remains pivotal in fostering confidence in the banking sector. With a concerted focus on combating inflation and fortifying regulatory oversight, stakeholders aim to navigate the economic landscape toward resilience and stability.
