• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 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

Nigerian banks resilient amid significant external, internal pressures – CBN

Banks

The Matters Press by The Matters Press
November 26, 2024
Reading Time: 2 mins read
0
New naira notes: Rush as long queues of customers flood banks

The Central Bank of Nigeria (CBN), says Nigeria’s Deposit Money Banks (DMBs) are satisfactorily resilient amid both external and internal pressures.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Mr Yemi Cardoso, the Governor of the CBN, said this on Tuesday in Abuja while presenting a communiqué issued at the end of the 298th meeting of the apex bank’s Monetary Policy Committee (MPC).

According to Cardoso, members of the MPC noted with satisfaction the continued resilience and stability of the banking system in spite of significant exogenous and endogenous headwinds.

“Key financial soundness indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loan ratio (NPL), and Liquidity Ratio (LR), amongst others, remain strong,” he said.

He, however, said that the CBN would maintain its close surveillance on the banking system to sustain compliance with regulatory thresholds and continued health of the industry.

He said that the MPC acknowledged the efforts of the CBN in deepening financial inclusion towards improving the transmission mechanism of monetary policy to enhance policy effectiveness.

Cardoso said that the MPC members were focused on the optimal policy choice to
address the uptrend in price development, stabilise the exchange rate, and
anchor inflation expectations appropriately.

According to him, data from the National Bureau of Statistics (NBS) showed that headline inflation
(year-on-year) rose to 33.88 per cent in October, from 32.70 per cent in September.

“On a month-on-month basis, it also rose to 2.64 per cent in October, from 2.52 per cent in the previous month,.

“Both the food and core components contributed to the continued rise in headline inflation.

” Food inflation rose further to 39.16 per cent in October, from 37.77 per cent in September, while core inflation also rose to 28.37 per cent in October, from 27.43 per cent in September.

“The MPC, however, noted the moderation in the prices of farm produce and commended the efforts of the Federal Government in driving increased productivity in the agricultural sector,” he said.

He said that the recovery of output growth was sustained, with real Gross Domestic Product (GDP) (year-on-year) growing by 3.46 per cent in the third quarter of 2024.

“The growth is driven by both the oil and non-oil sectors, with a notable
contribution from the services sector.

“The non-oil sector grew by 3.37 per cent
in the third quarter compared with 2.80 per cent in the second quarter.

“The oil sector grew by 5.17 per cent (year-on-year), compared with 10.15 per
cent in the preceding quarter ” he said.

He said that the external reserves rose marginally to 40.88 billion dollars as at Nov. 21 from 40.06 billion dollars at the end of October.

According to Cardoso, the external reserves are available to finance 17 months of imports.

Tags: Banks
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Nigeria identifies reason for spiralling   inflationary pressure

Nigeria identifies reason for spiralling inflationary pressure

Court stops NLC, TUC from strike in Imo

Stop doubting NBS reports, Group cautions NLC

Recommended Stories

Nigeria’s former leader, Shonekan dies at 85

Nigeria’s former leader, Shonekan dies at 85

January 11, 2022

Residents lament hike in price of onions

December 11, 2023
Amazon workers protest over pay

Amazon workers protest over pay

January 26, 2023

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

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

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