Senate Committee on Banking Commends CBN Policies

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Senate committee on banking, insurance, and other financial institutions has commended the monetary policies initiated by the central bank to reposition the economy saying it will no doubt impact on the economy in the medium to long term.

Committee chairman Rafiu Ibrahim stated during an oversight visit to the CBN’s headquarters.

The central bank has in recent times introduced policies to stimulate growth in the nation’s economy,

Including a flexible exchange regime, Bank Verification Number (BVN) to curtail cases of fraud, the import ban on 41 items and intervention loans granted to different sectors especially small and medium enterprises.
This visit by the senate committee to the CBN was to oversee its operations.

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Committee chairman, Senator Rafiu Ibrahim said discussions centered on the bailout to states and transaction details, as well as perceived lack of coordination between the nation’s monetary and fiscal policies.

Governor of the bank Mr. Godwin Emefiele said it was essential for the committee to get firsthand information on their workings.

On the current recession, Emefiele said the challenges are surmountable and expressed CBN’s readiness to brace up for Nigeria to come out stronger and better.

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