The Governor of the Central Bank of Nigeria (CBN) has called for early detection of problems in banks and quick intervention to avert financial distress of depositors.
According to a statement on CBN official website, Emefiele made the call at the International Association of Deposit Insurers (IADI), Africa Regional Committee (ARC) Technical Assistance Workshop.
The workshop was hosted by the Nigeria Deposit Insurance Corporation (NDIC).
Emefiele called for strong, effective collaboration amongst major stakeholders to achieve such early detection and intervention.
He added that measures taken by the monetary and fiscal authorities have reinforced resilience in the Nigerian financial system.
He pledged the apex bank’s continuous support and collaboration with relevant stakeholders to strengthen the financial sector.
“CBN will continue to collaborate and support the efforts of other safety-net players in handling crisis within the financial system,” he said.
He said that Banking Sector Resolution Fund would be utilised exclusively to provide financial assistance to failing banks and bridge banks, as well as generally support any banking resolution process.
According to Emefiele, the CBN is determined to ensure robust regulatory landscape without stifling innovation.
He called for strengthened regional and continental financial systems for the benefit of all Africans.
