Enugu chamber tasks CBN on stability of banking sector

The Enugu Chamber of Commerce, Industries Mines and Agriculture (ECCIMA) has urged the Central Bank of Nigeria (CBN) to use its regulatory framework to reduce risk of bank failure.

President of the Chamber, Jasper Nduagwuike, gave the task at the weekend during the Nigeria Deposit Insurance Corporation’s (NDIC) special day at the ongoing 34th Enugu International Trade Fair.

He said the role of NDIC in stabilising financial sector is very key and noteworthy.

Nduagwuike said: “NDIC remains a life-line backup for Nigerian teeming banking publics, who had, hitherto, suffered in the past before the establishment of NDIC by losing all their deposits whenever a crisis occurred in the banking sector, with banks closing heir doors against depositors.”

The ECCIMA President commended the CBN and NDIC for the stability in banking/financial sector through their regulatory frameworks, despite economic challenges.

The Managing Director/ Chief Executive of the Nigeria Deposit Insurance Corporation, Bello Hassan, told members of the public, particularly, the operators of the medium, small and micro enterprises (MSME), that the safest and smartest way to keep money is the formal banking system as their deposits are guaranteed.

“Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, and take people’s hard-earned money beyond the ambit of illegal fund managers and loan sharks that currently awash the investment landscape and fleecing unsuspecting members of the public”, Hassan stated.