CBN MONETARY POLICY MEETINGS HAVE NOT BEEN EFFECTIVE – YEMI CARDOSO
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The Monetary Policy Committee (MPC) meeting of the central bank has not been effective, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN).
At the 60th anniversary celebration of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos State on Friday evening, Cardoso revealed this.
“For quite some time, there has been a dislocation of our monetary transmission mechanisms rendering the MPC meetings largely ineffective,” he said.
“For the avoidance of doubt, the Central Bank of Nigeria Act 2007 requires that the meeting of the Monetary Policy Committee of the Bank be held at least four times a year, and the Bank has satisfied this requirement for 2023. Our focus has been on ensuring these meetings are useful and effective.”
“Our focus is on ensuring that these meetings are useful and effective,” he stressed.
The head of the CBN added that during Godwin Emefiele’s previous administration, the central bank deviated from its primary mission.
He went on to say that the nation’s commercial banks will be required to raise their capital bases.
Cardoso, who was confirmed by the Senate on September 26, 2023, after being selected by President Bola Tinubu on September 15, 2023, stated that his administration will create a new framework for compliance and regulations for fintech companies.
He said, “Recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework. We have observed that some licensees are operating outside their approved activities, breaching the boundaries set for them.
“Any intentional or non-intended non-compliance will be subjected to sanctions as operators have the responsibility to ensure that they are licensed for the activities they undertake.
“As we conduct a comprehensive review of licensing framework for payment services, we will engage in extensive consultation to develop a new regulatory and compliance framework that is suitable for the technology-driven payment services sector. “
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