…Bags CIBN Fellowship as he unveils the economic outlook for 2025, pushes for greater economic diversification
…Cardoso noted that none performing loans (NPLs) has come under 5%, liquidity ratios is well over 30%, and banks are now poised to fuel economic growth, with a focus on MSME credit access
SAT NOV 30 2024-theGBJournal| The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso highlighted the economic reform outcomes and banking sector resilience over the past year in his keynote address at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN).
One of the key issues raised also is the persistent difficulties of customers withdrawing cash at banks ATM’s and banking halls.
He told customers nationwide to take case directly to the apex, with effect from December 1, 2024, a direct response to the frustration of banks customers nationwide, while reading the riot act to financial institutions found engaging in malpractices or deliberate sabotage of seamless cash flow for Nigerians.
According to Cardoso, ”the CBN will continue to maintain a robust cash buffer to meet the country’s needs. Customers are urged to report difficulties withdrawing cash from bank branches or ATMs directly to the CBN with effect from December 1, 2024.”
Meanwhile, the CBN Governor acknowledged that inflation remains unacceptably high, ”but the signs are encouraging.
”Our commitment is unwavering: we will prioritise price stability until its benefits are felt by every Nigerian,” he said.
Other issues highlighted includes the resilience of Nigeria’s banking sector.
Cardoso noted that none performing loans (NPLs) has come under 5%, liquidity ratios is well over 30%, and banks are now poised to fuel economic growth, with a focus on MSME credit access.
He hailed Nigeria’s fintech sector as the ecosystem is driving financial inclusion and attracting global investors.
”With several fintechs achieving unicorn status this year, Nigeria’s leadership in innovation is undeniable.”
The CBN Governor emphasized that the Payment System Vision 2025 is aimed at furthering the drive for cross-border payments, advance open banking, and expand the regulatory sandbox, driving innovation and economic growth in Nigeria.
He assured that the CBN, in 2025, will prioritise initiatives including implementing an open banking framework, advancing contactless payment systems, and expanding the regulatory sandbox.
In addition, he said the CBN will launch a comprehensive mentorship and capacity-building programmes aimed at equipping young minds with the skills and opportunities needed to drive innovation, economic resilience, and sustainable growth.
”This is not just the Central Bank’s journey; it is Nigeria’s journey. We are building an economy where every individual, every business, and every community can thrive,” Cardoso said.
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