Index to Nigerian Newspapers

Financial experts warn that the Central Bank of Nigeria's large foreign-currency liabilities to external creditors may worsen foreign exchange volatility and naira depreciation. The country's risk profile may discourage foreign investments, as the CBN's dollar-denominated borrowings undermine foreign reserves and worsen the national debt position. Nigeria's total public debt rose to N49.95 trillion in the first quarter, and the CBN borrowed $7.5 billion from JP Morgan and Goldman Sachs to stabilize the economy. The CBN's liabilities impact sovereign risk assessments, as the net foreign reserves are less than the $33 billion widely publicized figure. The CBN's government borrowing is high at 75% of total loans and advances, and investors must verify ownership of foreign credit securities.

The Nigeria Deposit Insurance Corporation (NDIC) has emphasized the importance of deposit insurance in maintaining financial stability. NDIC Managing Director, Bello Hassan, stated that the Deposit Insurance System (DIS) is crucial for the financial safety net and plays a vital role in achieving financial system stability. He highlighted the effective discharge of the corporation's mandate since its establishment 35 years ago, which has fostered public confidence in the banking system and supported the monetary authority in implementing sound banking policies.However, Bello called for a robust legal framework for effective execution of the DIS. He also highlighted the need for a deposit insurer (DI) to have all necessary powers to fulfil its mandate and emphasized the need for these powers to be specified in enabling legislation.
Chairman of the Senate Committee on Banking, Insurance, & Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, said the banking sector has remained resilient despite economic headwinds caused by rising inflation and forex challenges. Data from the National Bureau of Statistics indicates that the sector contributed 4.36 percent to GDP in the third quarter of 2023, growing by 28.21 percent year-on-year in real terms.

The Nigeria Deposit Insurance Corporation (NDIC) has emphasized the importance of deposit insurance in maintaining financial stability. NDIC Managing Director, Bello Hassan, stated that the Deposit Insurance System (DIS) is crucial for the financial safety net and plays a vital role in achieving financial system stability. He highlighted the effective discharge of the corporation's mandate since its establishment 35 years ago, which has fostered public confidence in the banking system and supported the monetary authority in implementing sound banking policies.However, Bello called for a robust legal framework for effective execution of the DIS. He also highlighted the need for a deposit insurer (DI) to have all necessary powers to fulfil its mandate and emphasized the need for these powers to be specified in enabling legislation.
Chairman of the Senate Committee on Banking, Insurance, & Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, said the banking sector has remained resilient despite economic headwinds caused by rising inflation and forex challenges. Data from the National Bureau of Statistics indicates that the sector contributed 4.36 percent to GDP in the third quarter of 2023, growing by 28.21 percent year-on-year in real terms.