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Nigeria: CBN Introduces Resident Bank Examiners
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Vanguard (Lagos)
24 July 2008
Posted to the web 24 July 2008
Samuel Oyadongha
The Central Bank (CBN), announced, yesterday, that it would post Resident Bank Examiners to banks as from January next year.
The CBN governor, Prof. Chukwuma Soludo announced this at a press briefing at the bank's corporate headquarters in Abuja.
"In effect, from January, 2009 , the CBN will post staff to each of the banks who will monitor and supervise the activities of the banks on a daily basis and report to Head Office.
"This is to strengthen CBN's effectiveness in the Risk Based Supervision. It is designed to enhance our hands-on knowledge of the banks' operations, the complexity of their risk profile and to provide real-time and continuous evaluation of their operations", he said.
The governor also said that the requirement for the adoption of a uniform accounting year-end in the banking industry from December 2008 to 2009 had been postponed.
Prof. Soludo said the decision was "in response to the observed desperate behaviour of some banks in deposit mobilization and hiking interest rates at levels that cannot be justified by the fundamentals."
He added, "the core (non-food) inflation rate is currently at about 3.6 per cent, and both the deposit and lending rates that currently prevail in the market are not justifiable. The CBN will investigate these practices by some banks."
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The CBN boss also refuted what he called "wrong impression that requests for banking licences are no longer being entertained by the CBN," as according to him, "any investor that meets the conditions will be issued with a banking licence".
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