Members of the committee, in their personal statements at the last MPC meeting held in September, released on Friday, noted that all the financial soundness indicators remained very good despite a slight deterioration, in capital adequacy ratio, return on equity and return on assets, relative to the previous MPC meeting.
Adenikinju Festus, a member of the committee noted that “overall, they showed that the banking sector is strong, resilient and safe. Aggregate credit remains on an upward trajectory rising to N22.2 trillion in July 2021, up from N19.29 trillion in the corresponding period in 2020. “Aggregate credit by the OFIs also increased relative to the last MPC meeting. Most sectors of the economy, and households, benefitted from the increased credit. The various interventions by the bank are providing a boost to personal consumption and economic growth.”
Also, deputy governor of the CBN, Aishah Ahmad, stated that the banking sector remained sound and resilient. “Capital adequacy stayed strong at 15.2 per cent, whilst increase in credit was sustained with a growth of N3 trillion year on year with increased credit being channelled to growth enhancing sectors.“DMBs’ liquidity profile marginally improved, increasing from 41.3 per cent to 41.
On his part, Adamu Lametek stressed the need for increased intervention in the real sector. He noted that a sudden monetary policy normalisation by the advanced economies, should inflation persist in those countries, could tighten financial conditions and complicate recovery in EMDEs because of the consequential tightening of external financing.
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