CBN To Deal With Banks Sabotaging Monetary Policies

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The Central Bank of Nigeria (CBN) Olayemi Cardoso has pledged to wield the big stick on any bank found sabotaging monetary policies or guilty of unauthorised withdrawals from customer accounts.

Cardoso, on Tuesday while briefing members of the House of Representatives in Abuja, said some departments in the CBN are being strengthened to carry out greater surveillance and oversight, assuring that alleged indiscriminate charges and withdrawals from customers’ accounts shall be investigated upon reports and dealt with decisively.

“I want to assure you that I have no reluctance to wield the big stick, this is the time when people and entities that we regulate must comply, we must do the right thing.

“We will stop at nothing in wielding the big stick or hammer in ensuring that they do the right thing for the benefit of Nigerians,” he said.

The CBN boss explained that the redeployment of some members of staff and some departments to Lagos state was for efficiency, save cost and not for political reasons as peddled in some quarters.

He said that it was only wise to move the Banking Supervision Department to Lagos state where all the banks have their headquarters for easy and efficient monitoring.

He said that the transfer was a tool to balance the bank’s skills across its offices nationwide to ensure accurate data generation and response to monetary issues.

On the weakening of the Naira, Cardoso stressed the need for attitudinal change that would benefit the local economy by patronising local production.

He said that an estimated N$40 billion is spent on education and medical tourism by Nigerians which is the equivalent of Nigeria’s foreign reserve.

He urged Nigerians to patronise local content to strengthen the Naira against the dollar and stabilise the economy.