Tuesday, 13 August 2013

Bankers Committee Justifies Central Banks's Decision To Withdraw 50% Public Sector Fund From Commercial Bank

The bankers committee has justified the decision of the Central Bank of Nigeria, CBN to withdraw 50 percent public sector fund from commercial banks.

One of the banks managing directors at the meeting, Godwin Emeifiele said the development was to guarantee micro economic and exchange rate stability.

The bank boss disclosed that they were convinced by the argument of the  CBN Governor,Sanusi Lamido Sanusi on why the apex bank withdrew one trillion naira of public sector fund from the banks.

CBN Director for Banking Supervision,Tokunbo Martins told said that the banks have signed a memorandum of understanding to pay 0.5 percent of their total assets to the sinking fund same as 0.5percent of 33percent of their off balance sheet.

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