Central Bank of Nigeria (CBN) has said banks operating in Nigeria are one of the most regulated in the world.
The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of economic policy, Mrs. Sarah Alade who made this assertion at the second Adegboyega Awomolo and Associates Colloquium in Abuja dismissed the insinuations that the action of JPMorgan would lead to collapse of the Nigerian banks, adding that the era of bank failure was gone.
The CBN Deputy Governor who spoke through a Director in the bank, Mr. Emmanuel Ukeje said the various economic policies already put in place by the apex bank to supervise and monitor banks in the country would prevent the financial institutions from collapse.
Alade explained that the JPMorgan was just an international bank whose action cannot in anyway spell doom for the country with its removal of Nigeria from the index.
She revealed that the international bank felt angry with Nigeria when the authorities refused to succumb to its recommendation that the country’s currency, the naira, be further devalued.
Alade also hinted that the foreign investors would not suffer any setback in their investment in the country due to the JPMorgan’s delisting of Nigeria’s bonds.
“JPMorgan is just an international bank, well respected but has an axe to grind with this country because the authority has refused to further devalue the naira.”
“Devaluing the naira itself has effect on the people of the country and so, the implications must be weighed before any serious government will embark on it,” she added.
She lauded the organisers of the colloquium for chosing the theme: “Accountability and Integrity as pillars of National Development” and advised Nigerians to shun economic crimes in order to make the country a great nation of the world.
Alade assured that the CBN would always regulate the banks in the country for effective operations and service to depositors adding that CBN will always give back-up support where and when necessary.