The CBN governor said he is not aware of any business in Nigeria going under as a result of the COVID-19 pandemic.
on Monday said it has retained all the monetary policy parameters unchanged.
The other parameters that were retained include the cash reserve requirement at 27.5 per cent, Liquidity Ratio at 30 per cent and the Asymmetric Corridor at +200/-500 basis points around the MPR. Following the outbreak of the coronavirus pandemic, the CBN unveiled various stimulus packages, such as concessionary rates, loan restructuring, and targeted loans to agriculture, manufacturing and health sectors to spur economic recovery in the country.
He attributed the strength of the banking system to a highly regulated regime by the apex bank, which he said was committed to ensuring all the banks abide by the various prudential regulations established to guide their operations.The CBN governor said non-performing loans ratio of the banking industry dropped from about 11.1 per cent as of May 2019 to 6.41 per cent as of June 2020, while the Capital Adequacy ratio declined from 15.6 per cent to 15 per cent within the same period.
“The size of the large sums granted to the different sectors of the economy by the banks is an indication that the Nigerian economy is still very strong and resilient and able to support the country’s economic development,” the CBN governor said. Forbearance is the policy of granting customers additional time to restructure the period they have to service or repay their loans.
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