Directors of banks have called on the Central Bank of Nigeria (CBN) to try as much as possible to ensure that its policies are directed towards impacting positively on the lives of consumers of products and services.
Specifically, some of the policies they were concerned about include the Single Treasury Account (TSA) and the foreign exchange policies, among others.
“On paper it is very easy to say we are out of recession but the man on the street wants to make sure he can buy more in terms of services and products. So while the CBN is busy putting money in the system, we want it to translate to things getting cheaper so that people on the street can make a lot of benefit,” Steve Omojafor, outgoing president, Bank Directors Association of Nigeria (BDAN), told journalists immediately after the 20th annual general meeting in Lagos.
He said 2016 till date had been eventful in the banking industry, haven witnessed the evolution of the banking industry from the effects of the successful implementation of the Bank Verification Number (BVN) to the rise in credit crunch due to the introduction of fiscal and monetary policies by the CBN.
“We witnessed CBN intervention in two key banks – Skye Bank and Keystone Bank due to capital adequacy ratio issues,” Omojafor said.
According to Omojafor, the banking industry has continued to grapple with the deregulation of the foreign exchange market, rising non-performing loans and decrease in global crude oil prices, which is negatively affecting the Nigerian economy.
Banks have had to look inwards to create capital buffers to generate some level of stability for themselves and boost depositors’ confidence. At the meeting, BDAN elected new council members with Chris Ogbechie as the new president of the association.
Ogbechie, who is the chairman of Diamond Bank plc told journalists that his administration will add value to the association and to the banking industry as whole.
The outgoing president said CBN has been exceptionally alert in the past year, adding that the industry has witnessed stringent regulations for non-conforming banks to CBN directives.
He highlighted some remarkable achievements of the governing council which included the BDAN permanent site, meeting of the council of BDAN with managing directors and executive management team of banks for familiarisation and opportunity to intimate them on new initiatives being undertaking by the association.
HOPE MOSES-ASHIKE
