By Chinwendu Obienyi
The Chartered Institute of Bankers of Nigeria (CIBN) has restated its commitment to supporting and making contributions to monetary policy formulation.
This was even as the Institute commended efforts by President Bola Tinubu to stabilise the country’s forex rate adding that the effort of the Central Bank of Nigeria (CBN) in initiating those policies, is already yielding dividends.
The President and Chairman, CIBN, Dr Ken Opara, stated this at the 2023 Lagos Bankers Night which held in Lagos on Friday.
Speaking on the theme; Exchange Rate Unification: Global Implications, Organisations and the Country, Opara said that the institute now sees that the exchange rate between the Naira and the dollar has started coming down which means it is a good initiative that is well thought out.
He noted the CIBN supports the Central Bank of Nigeria’s reforms as it relates to the unification of the exchange rate and other measures taken to ensure the true value of the Naira while urging Nigerians to take advantage of the good opportunities that the reform had presented, saying wherever there are challenges lie in opportunities.
“As it is the concept of the industry; we played this role very well when the industry was facing challenges and we will continue to do that because we believe that the banking industry is very solid, stable, and efficient.”
He added the payment system in Nigeria was the best all over the world, stressing that it is a system that one could consummate transactions on an online real-time basis, citing this showed that the banking industry and its regulator had done well in stabilising what an effective payment system. He thereafter said the institute will continue to advocate for transparency and a free market that would allow the interplay of supply and demand.