Abuja - The federal government has cut the budget of Central Bank of Nigeria by fifty percent, Nation reports.
Director of the Financial System Stability (FSS 2020), Mohammed Suleiman made the disclosure when members of the FSS 2020 visited the the Nigerian Deposit Insurance Corporation (NDIC) in Abuja
He lamented that the development has seriously affected its capabilities to fund some financial system initiatives.
Suleiman lamented that 50 per cent of the budget cut is no small measure at all. “We need to agree on the funding approach, we need to have a rethink and get the support of all implementing institutions. The FSS2020 is not a CBN project it is a financial system project, all financial system players have to take ownership of the project and be willing to support it,” he said.
This is happening as the apex bank on Tuesday wielded the big stick as it barred nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account according to News24.
The banks are: First Bank of Nigeria Limited ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); United Bank for Africa ($530m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).
- News 24