{"id":8965,"date":"2016-10-12T19:37:23","date_gmt":"2016-10-12T18:37:23","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8965"},"modified":"2016-10-12T19:37:23","modified_gmt":"2016-10-12T18:37:23","slug":"cbn-assures-that-nigerian-banks-are-liquid-to-sanction-customers-withdrawing-above-50000-annually","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-assures-that-nigerian-banks-are-liquid-to-sanction-customers-withdrawing-above-50000-annually\/","title":{"rendered":"CBN assures that Nigerian Banks are Liquid … to Sanction Customers Withdrawing Above $50,000 Annually"},"content":{"rendered":"

\"CBN<\/a>
\nCBN assures that Nigerian Banks are Liquid<\/strong>
\n… to Sanction Customers Withdrawing Above $50,000 Annually<\/strong><\/p>\n

From FRIDAY EKEOBA<\/p>\n

Piqued by some international financial reports, that seven banks in the domestic economy are undercapitalised, the Central Bank of Nigeria (CBN) has assured both local and international investors that all banks in the country are solvent to carry out banking operations.<\/p>\n

The apex bank also said as part of efforts to enforce compliance among banks customers that uses foreign currency in conducting business in Nigeria, it will henceforth sanctioned customers that uses Naira Automated Teller Machine Cards such as Naira MasterCard to withdraw above $50,000 in a year will be sanctioned.<\/p>\n

The Director Banking Supervision Mrs Tokunbo Martins gave this disclosed at the end of 329 Bankers Committee Meeting in Lagos on Wednesday.<\/p>\n

Mrs Martins who assured Nigerians to disregards reports thst Nigerian seven banks are in a poor financial state of health, noted that offenders abusing regulations on the withdraw of foreign currencies through the ATM machine, risk losing access to the foreign exchange market.<\/p>\n

A stress test conducted by a Dubai-based international investment bank, Arqaam Capital, had indicated that seven Nigerian banks are undercapitalised to the tune of N1tn ($3.2bn).<\/p>\n

It also reported that two other banks were close to being insolvent.<\/p>\n

The investment bank said the Nigeria\u2019s banking industry \u201cis experiencing a full-blown financial crisis\u201d as failed fiscal and monetary policies had led to a credit crunch.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The stress test identified the undercapitalised banks as First Bank of Nigeria, Unity Bank Plc, Diamond Bank Plc, Skye Bank Plc, FCMB Group Plc, Sterling Bank Plc and Fidelity Bank Plc.<\/p>\n

It will be recall that, last year the CBN came up with guide lines that banks customers can only spend $50,000 per annum, from $150,000 previously allowed.<\/p>\n

While assuring Nigerian to disregards reports that Nigerian seven banks are challenged. She said other issues that they discussed at the meeting includes, the issue of mass retrenchment going on in the banking industry.<\/p>\n

According to her, the banks chiefs has assured the apex bank that there is nothing like retrenchments going on the banks.<\/p>\n

She also explained to financial journalist that the CBN management and banks chiefs had a meeting with members of the Manufacturers Association of Nigeria (MAN), which centered on how they can access foreign exchange for their operations.<\/p>\n

On his part the Managing Director of Skye Bank Plc Mr Tokunbo Abiru said the committee discussed the need to improve on financial literacy.<\/p>\n

He said the banks are going to play a major role in the World Savings Day coming up next month. While Mr Yinka Sanni Managing Director Stanbic IBTC said banks were reminded about their roles and responsibility to the economy.<\/p>\n

Adding that they also had an interface with the Pension industry on how to leverage on the huge resource in the industry for investment.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBN assures that Nigerian Banks are Liquid … to Sanction Customers Withdrawing Above $50,000 Annually From FRIDAY EKEOBA Piqued by some international financial reports, that seven banks in the domestic economy are undercapitalised, the Central Bank of Nigeria (CBN) has assured both local and international investors that all banks in the country are solvent to …<\/p>\n","protected":false},"author":11,"featured_media":8253,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,18,17,624],"tags":[36,1121,740,575],"coauthors":[2392,2393],"class_list":["post-8965","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-crime","category-news","category-politics","tag-cbn","tag-godwin-emegiele","tag-nse","tag-sec"],"yoast_head":"\nCBN assures that Nigerian Banks are Liquid ... to Sanction Customers Withdrawing Above $50,000 Annually - 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