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CBN plans strong macro-prudential framework

11 October 2012, 09:05

Abuja - The Central Bank of Nigeria (CBN) on Wednesday said it was developing a strong macro-prudential framework to prevent financial crisis in the banks in future.

Dr Kingsley Moghalu, the CBN Deputy Governor, Financial Stability, said this while presenting a paper at the 2012 Continuous Education Programme (CEP) for Directors of Banks and other Financial Institution in Lagos.

The theme of the programme is: ``Advancing Corporate Governance from Compliance to Competitive Advantage’’.

Moghalu said that other proactive steps taken by CBN to prevent financial crisis in future included establishment of a comprehensive framework and resolution of banking crisis with strong scenario planning.

He said that CBN would create a more endurable framework for the financial stability of the banks, ensure stronger micro-prudential regulation and supervision of individual banks.

Moghalu said that CBN would also ensure protection of consumers’ rights and promotion of financial literacy and strong compliance and enforcement regime as well as data integrity and reliability.

He added that the apex bank would come up with competency and skills development in the banking industry.

Moghalu said that so far, the ongoing reforms in the banking sector had impacted positively on the financial system.

He said that the resolution of the crisis in the banking sector was not a guarantee against another crisis in future.

`` To sustain and consolidate on the gains of the reforms, complementary reforms are necessary in other areas of the economy.

`` The CBN is committed to the continued safety, soundness and stability of the financial system,`` Moghalu said.


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