The Chartered Institute of Bankers of Nigeria (CIBN) has honoured the Managing Director/CEO of Inlaks, Africa Operations, Femi Adeoti and Central Bank of Nigeria Deputy Governor, Financial System Stability, Dr. Joseph Nnanna and other eminent personalities at its 2017 investiture ceremony in Lagos.
While addressing the media at the close of the investiture, Dr. Nnanna, who was one of the fellowship awardees of the CIBN, said the country’s external reserves had increased to $34 billion, from $33 billion reported last month.
Nnanna assured Nigerians that the stability in the foreign exchange market would be sustained, saying that the much-desired exchange rate convergence would take place organically, with the interplay of demand and supply.
Speaking on the membership of the institution, Group Head, Membership of CIBN, Akin Morakniyo, said all the top executives honoured including Adeoti, who bagged the Honourary Senior Membership cadre, qualified for the special grade.
He added that, “CIBN is a place where professionals can exchange ideas and make valuable contacts in the banking industry, build stronger business relationships and enhance professional development”.
While speaking on the theme, “Coherent Set of Policies for Greater Exchange Rate Flexibility,” the Senior Resident Representative and Mission Chief for Nigeria, African Department, International Monetary Fund (IMF), Amine Mati observed that against the backdrop of low oil prices, dwindling oil revenue, foreign exchange scarcity and a crippling recession, the last two years witnessed significant deterioration in Nigeria’s macroeconomic indicators that exposed the banks to risks.
Mati therefore advised the Central Bank of Nigeria (CBN) to request the commercial banks in Nigeria to recapitalise.
“We believe the banking sector should be strong to support the economy. So it is important we recapitalise the banks to make sure that they are very strong. The regulators should try to make sure that the banks operate in line with international standards to be able to withstand any shocks,” he said.
Mati added that banks should remain strong in order to play their roles in the economy. He, however, endorsed the CBN’s tight monetary policy stance, saying it had helped in gradually easing inflationary pressure and brought about exchange rate stability.
He urged the CBN to keep up its pursuit of a unified exchange rate while acknowledging efforts made by the apex bank in eliminating pressure in the forex market.