In his keynote address at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), he highlights economic reform outcomes and banking sector resilience over the past year.
Governor, Olayemi Cardoso, and Lagos State Governor, Babajide Sanwo-Olu, were awarded the CIBN Fellowship.
He reads riot act to financial institutions found engaging in malpractices or deliberate sabotage of seamless cash flow for Nigerians.
According to him:
– The CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end. Our focus is on ensuring a seamless cash flow for Nigerians while fostering trust and stability in the financial system.
– Customers are urged to report difficulties withdrawing cash from bank branches or ATMs directly to the CBN with effect from December 1, 2024.
– ”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”.
– The resilience of Nigeria’s banking sector is highlighted: NPLs under 5%, liquidity ratios well over 30%. Banks are poised to fuel economic growth, with a focus on MSME credit access.
– Hails 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.
– Payment System Vision 2025 to further drive cross-border payments, advance open banking, and expand the regulatory sandbox, driving innovation and economic growth in Nigeria.
– CBN, in 2025, will prioritise initiatives including implementing an open banking framework, advancing contactless payment systems, and expanding the regulatory sandbox.
– CBN to launch 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.
– Banks are charged to rise to their intermediation and market-making responsibilities, emphasising the need to deliver tailored solutions that empower customers to manage risks and operate their businesses effectively.
– 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. This vision will not be achieved by one institution alone. It requires all of us; banks, regulators, businesses, and citizens—to work together with steadfast resolve.
At the event, Governor, Olayemi Cardoso, and Lagos State Governor, Babajide Sanwo-Olu, were awarded the CIBN Fellowship.