• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Banks remain resilient, NDIC vows close monitoring

Banks

The Matters Press by The Matters Press
February 11, 2024
Reading Time: 3 mins read
0
Fraud in banking sector, mostly insider instigated

Lagos, Feb. 11, 2024: The Nigeria Deposit Insurance Corporation (NDIC) says it is partnering with the Central Bank of Nigeria(CBN) to proactively address potential risks within the banking system.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

The Managing Director, NDIC, Mr Bello Hassan, said this at a stakeholders retreat, organised by the corporation for the Senate Committee on Banking, Insurance and other Financial Institutions, on Saturday in Lagos.

Hassan said that addressing such risks would be through collaboration and enhanced supervision, aiming to maintain a safe and sound banking system in Nigeria.

The conference has the theme, “Deepening Deposit Insurance Knowledge for Effective Legislative Functions’’.

He said that due to current economic challenges, both agencies had intensified their monitoring efforts.

Hassan said, “NDIC is collaborating with the Central Bank to supervise these banks and there are a lot of measures that are being put in place to ensure that we heighten our surveillance during this period, to ensure that the quality of the risk assets remain very robust.

“As we speak, the non-performing loan ratio is below the maximum threshold set by CBN and we want to ensure that we stay within that limit.

“So, various measures are being put in place to heighten supervision, to make sure that we don’t run into a situation whereby the quality of assets will deteriorate within the banking system and to ensure that the banks continue to remain safe and sound.’’

Mr Mukhial Abiru, Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, said that the Nigerian banking sector had exhibited resilience despite facing economic difficulties.

He said, “The banks in Nigeria are very resilient, even in spite of all of the headwinds that we see in the global stage and even in the national stage.

“We are very mindful locally here as there has been serious depreciation in the value of our currency. And of course, you know, that has an impact on the balance sheet of the banks as some of them would have grown without the kind of depreciation we have seen.

“To that extent, the role of the NDIC is very important. Yes, we know that the bank’s ratios are very good today, their liquidity ratio is very good and our understanding is that the average is about 41 per cent when the required minimum is about 30 per cent.

“Their capital adequacy, too, is very strong. We have also heard that the CBN is about to recapitalise the banks.

“So, it also means that we as legislators, we must understand even the role the regulators are playing and that is one of the essence of why we are here and you can see the turnout of members of the Senate Committee on Banking Insurance and other financial institutions.

“It also shows our own eagerness to deepen our understanding.’’

Abiru expressed support for the apex bank’s recent policies for stabilising the exchange rate, while emphasising the critical need to combat inflation for long-term economic stability.

He said, “If you also follow what has been happening, particularly from the end of the CBN, we have seen a lot of rafts of circulars that have come into play. I am sure you are mindful of the limit they have brought to the net open position of the bank.

“The fact that they have also done validation of most of the outstanding obligations that people refer to as forward and of course, you can see in the last couple of days, that some gains, some strengthening of the Naira, and my sense is that you should give them a bit of time.’’

The senate committee chairman noted that the CBN policies showed some initial success, leading to a slight strengthening of the Naira.

“Also, most of the policy decisions that we are beginning to see, we believe, hopefully, will help us moderate the depreciating value of the currency.

“But, I must also mention that what is most critical that we expect is for them to focus on how they would tame or moderate inflation because once you moderate inflation, I’m sure the other component, the other price indices whether interest rate or exchange rate will moderate along.

“So, it is very critical that we focus our attention on the inflation index in the country,’’ he said.

The retreat is aimed at exposing the lawmakers to the NDIC laws, with a view to identifying impediments to the implementation of its mandate as well as brainstorming with the management of the corporation on the way forward.

Tags: Banks
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
Chevron, NNPC secure $1.4bn for drilling project

OGZA mobilises investments into Nigeria

NBS reports increase in Inflation

Diversification of economy will stem inflation – Expert

Recommended Stories

Vitafoam subsidiary produces oil filter for automobiles

Vitafoam expands, unveils comfort centre in Lagos community

June 1, 2023
Nigeria regains top crude oil production spot in Africa

Oil companies demand full deregulation

April 21, 2023
Chevron, NNPC secure $1.4bn for drilling project

Nigeria’s new status as Africa’s top oil, gas investment hub, credit to Tinubu’s policies

January 26, 2025

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us