Africa In Focus

Africa In Focus: "The mainstream thinking now is that Africa is different and we could get it right if we want. The choice is fully ours, and it is now time for us to define what we want."

African Development Bank (AFDB) President, Dr. Donald Kaberuka.

Monday, 15 April 2013

IMF Applaud CBN Banking Reforms



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The International Monetary Fund (IMF) has praised the recent reforms dished by the Central Bank of Nigeria (CBN).
An IMF report on the recent Financial System Assessment Programme (FSAP) said: “the Nigerian commercial banking system as a whole can absorb most credit and market risk shocks, withstand liquidity pressures, and absorb moderate potential losses”. It also concluded that the banking sector “is now well capitalized, liquid, and profitable, with three small systemically unimportant banks demonstrating some weakness.”
Meanwhile, a team of Nigerian leaves for the IMF/World Bank Spring Meetings on Monday (today).
 The delegation made up of Minister of Finance, Dr. Ngozi Okonjo-Iweala, CBN Governor, Sanusi Lamido Sanusi; and other Ministry of Finance and CBN officials will be engaging with their counterparts at IMF and World Bank meeting on a positive note.

To read an analysis of the Nigerian Banking reform, click here
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