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Bank Reform in Nigeria

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Bank Reform in Nigeria

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REAL REASONS BEHIND BANKING REFORMS, BY CBN DEPUTY GOVERNOR
Written by Prince
Business
Feb 18, 2010

Real reasons behind banking reforms, by CBN Deputy Governor
By CHIMA TITUS NWOKOJI
Thursday, February 18, 2010

The Central Bank of Nigeria’s (CBN) objective in embarking upon the banking reforms is to promote a banking system that is sound, stable and efficient. A lot of reactions have trailed the process even as the apex bank uses every opportunity to explain the rationale behind the exercise.

This was the response of Deputy Governor in charge of financial systems stability, Dr. Kingsley Moghalu, on the reforms in Lagos. Excerpts:

Full disclosure requirement
We have sent out guidelines to banks on what to disclose in their last quarter report. We have a very comprehensive blueprint for the reform of the financial services sector. This includes industry remedial measures, and issues of regulatory framework review. It includes consumer protection and the reform of the Central Bank.

Stakeholders’ perception of the reform process
We are trying to address those perceptions and that that is one of the reasons why we are represented at such forum as this. It gives us the opportunity to explain to stakeholders the reason why we are doing what we are doing. And why it is essential to protect the interest of depositors, which is...

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