He admitted the challenges imposed by the limit of cash withdrawals at the face of frequent downtime in bank transaction channels and urged online payment platforms to urgently overcome such challenges, in the interests of the banking public. The truth is that at some point we will need to re-assess to know whether the currency in circulation has attained an optimal level so as to put in place measures to ensure that we don’t go to the level where we were before that people kept money outside the banking system for their own benefits. “It was published yesterday that currency in circulation is close to N1 trillion CBN continue to pump the newly redesigned currency into the market. His words, At the beginning of the Naira Redesign policy we said that there was about N3,23 trillion in circulation out of which only N500 billion was held in the banking system, while N2. On Naira redesign, the CBN boss disclosed that the implementation of the policy, “has resulted in the reduction in currency outside the banks, indicating expected improvement in the potency of monetary policy tools.”
Emefiele said that CBN would increase its supervisory and regulatory roles to ensure that the Nigerian banks remained stable and resilient. The governor said that the CBN has already undertaken a check on the banks and that “there is no direct investment by Nigerian banks in SVB (Silicon Valley Bank Group) that would have a direct result in the loss of investment.”
“The banks have been able to achieve this through micro and macro prudential guidelines that ensured that individual banks and the banking industry in Nigeria have adequate buffers to ward-off global contagion.” “Following new risks of financial contagion emerging from the scenario of failed banks in some advanced economies, members (of the PMC) examined the possibility of shocks in the Nigerians banking system and concluded that Nigerian banks remain considerably insulated from such likely contagion. His words, “MPC hence took time out to discuss the recent bank failures in the US and Switzerland and the events that occurred following the persistent hikes in the US and how this has adversely impacted the broad portfolio of banks in the US.
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