Nigerian banks remain strong, CBN tells Afreximbank

The Central Bank of Nigeria (CBN) has reiterated that the nation’s Deposit Money Banks are strong despite the ongoing challenges in the foreign exchange market.

CBN Governor, Godwin Emefiele, at the third quarterly meetings of the Board of Directors of the African Export-Import Bank (Afreximbank), in Lagos, yesterday, reaffirmed that the country’s banks remained strong.

The reaffirmation may have become necessary, as the regional trade bank appeared to have several business interests in the country, with more recently, a $150 million facility granted Heritage Bank Plc.

In a special presentation to the board members, Emefiele outlined the measures CBN and the government had put in place to address the problem of foreign exchange scarcity in the country.

He said that although some unpopular policies had been implemented, they were already yielding results.

He gave assurance that the CBN would work with Afreximbank to ensure that there were no challenges in the bank’s operations in Nigeria, saying that Nigeria table investment destination.

Also in a separate session, the Managing Director of Fidelity Bank, Nnamdi Okonkwo and Chief Operating Officer of Dangote Industries Limited, Olakunle Alake, addressed the board on their operations and the impacts of the current economic situation in Nigeria.

Just recently too, the Dangote Group became one of the latest corporate organisations to join the Afreximbank as a shareholder, a move that the regional financial institution affirmed has been completed with substantial investment.

Earlier, the Afreximbank President, Dr. Benedict Oramah, expressed the bank’s appreciation for the opportunity to hear directly from some of the most important actors in the Nigerian economy, saying that a strong Nigeria also means a strong Africa.

The third quarterly meetings of Afreximbank, which ended with its 110th meeting of the board, had opened on September 23, with a session of the Executive Committee, followed by those of the Branch Management Committee, the Audit/Risk Committee and the Remunerations Committee.

Oramah had led the board on a tour of the petroleum refinery and fertilizer plant under construction by Dangote Industries Limited in the Lekki Free Trade Zone of Lagos on September 22.

The delegation also visited the headquarters of Arik Air, where its Chairman, Joseph Aruremi-Ikhide, said that the airline had become the largest in the West and Central Africa region through a strong focus on service quality and safety.