Banking system continued to be resilient with major financial soundness indicators comparing favourably with the prudential thresholds as of the end of October 2022, according to the CBN.
The Central Bank of Nigeria (CBN) disclosed this in statements on monetary policies.
Read Also: Sowore Speaks Against APC Ahead Of Presidential Election, Questions INEC’s Credibility
The Governor, CBN, Godwin Emefiele, said there was observed growth which was attributable to the substantial overshoot of domestic claims above programmed benchmark and importantly reflected the sustained growth of banking system credits to the private sector, consistent with the CBN policy to finance high-impact sectors.
Despite rising private sector credits and elevated uncertainties, the banking system remained resilient and stable as NPL ratio (4.81 per cent), liquidity ratio (40.14 per cent) and CAR (13.39 per cent), outperformed their prudential limits. In order to insulate our economy from adverse external developments, it remains imperative to fortify our economic base by de-risking the productive sector and diversifying completely.
This is especially as frozen oil receipt impedes the FX market, shrinking external reserves from $37.39bn in September to $36.87bn in October, and abetting exchange rate pressures.
Meanwhile, the African Development Bank (AfDB) through the Africa Digital Financial Inclusion Facility has called for project proposals that will enhance greater access and use of digital financial solutions in the continent.
This initiative is targeted at eliminating obstacles to the development and application of digital financial solutions.
Read Also: INEC Extends PVC Collection Deadline
This was made known in a statement publicised on the website of the bank on Thursday.
The bank noted that the digital infrastructure, policy, and regulation, as well as goods and innovation with gender inclusion and capacity building, would serve as the facility’s three key pillars.
It added that the proposal will select viable and scalable digital financial solution initiatives to promote access, quality, and usage of financial services as drivers of sustainable financial inclusion, particularly among the most vulnerable, including women, youth, and small businesses.