Responding to questions, the governor said that there were no plans to convert the $20 billion held by Nigerians in domiciliary accounts.
“For the avoidance of doubt, the bank will continue to allow domiciliary account holders unfettered access to the funds in their accounts. I need to seize this opportunity to explain that these funds are not idle as have been wronged reported. Those funds on the balance sheet are funding assets on the other side of the balance sheet,” he said.
Mr. Emefiele urged a speedy passage of the 2016 federal government budget in order to halt the depressing effects of the uncertainty that engulfed the waiting period. Knowing that the implementation of the budget will go a long way in boosting business confidence and re-invigorating the financial market.
According to him, the fiscal challenges facing the nation was not peculiar, as according to him, all other oil exporting nations were in similar situation.
His words, “We have been meeting with the fiscal authorities and we have been discussing the direction of the economy and the challenges that face us at this time especially, realizing fully well that this challenge is not peculiar to Nigerian and this is a challenges that confronts practically all economies in the world, whether you are a commodity exporting country or not.”
On Deposit Money banks’ refusal to lend to the private sector, the governor said that there has been rising cases of Non-Performing Loans and that the apex bank was in discussion with the DMBs with a view to working out strategies that would give rise to increased lending without undue risks exposure among the banks.
No comments:
Post a Comment