CBN urged by Senate committee to control inflation

Date:

The Senate Committee on Banking, Insurance & other Financial Institutions has called upon the Central Bank of Nigeria to address inflation in the country.

The committee chairman, speaking at a retreat with the Nigeria Deposit Insurance Corporation in Lagos, highlighted recent CBN circulars affecting banks’ net operating positions and the validation of outstanding obligations.

Emphasizing the need for time and expressing optimism about policy decisions, the chairman stressed the importance of focusing on inflation to positively impact other indices like interest rates and exchange rates.

Additionally, he expressed confidence in the forthcoming Monetary Policy Committee meeting, scheduled for February 26.

Meanwhile, the NDIC revealed collaborative efforts with the CBN to supervise banks amid economic challenges, ensuring robust asset quality and adherence to CBN guidelines, ultimately aiming for a safe and stable banking system.

 

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