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CBN’s role critical to economic growth – Jonathan

By Daniel Idonor
ABUJA — President Goodluck Jonathan yesterday hinged the survival of the Nigerian economy on the successful discharge of the supervisory functions of the Central Bank of Nigeria, CBN, which he said remained critical.

A statement by the Special Adviser to the President on Media and Publicity, Mr Ima Niboro, said the President made this disclosure while speaking to members of the Board of Directors of the Central Bank of Nigeria, during a courtesy call at State House, Abuja.

“Your role is very sensitive and must be handled carefully,” he stated.

President Jonathan expressed the concern shared by many Nigerians about the need for the CBN to perform maximally in order to ensure that the banking sector does not go through crises as recently experienced in some banks.

“We must ensure that the recent problems faced by the banking sector are not repeated,” he stated, adding that for banking supervision to succeed, the CBN must upgrade its capacity to enforce the laws governing the sector.

Earlier, Mallam Sanusi Lamido Sanusi, Governor of the Central Bank, had briefed the President on the efforts to restore the eight troubled banks to normalcy, pointing out that some of them were already making profit.

He said the bank’s major concern was to safeguard the interests of depositors and avoid any bank collapse, with the attendant consequences on the economy, adding that there were ongoing efforts to strengthen the capacity of the CBN and build a culture of self-regulation.

Sanusi used the occasion to express the bank’s condolence on the death of President Umaru Yar’Adua and congratulated President Jonathan on his assumption of office.


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