CBN, DMBs set to leverage on Pension resources to save economy
In an a sustained effort geared towards saving the nation’s economy from total collapse, the Central Bank of Nigeria (CBN) and Deposit Money Banks in country have disclosed plans to leverage on the huge resources in the pension industry to boost the growth of the economy.
This is the fall out of the Banker Committee meeting held today in Lagos.
Briefing the press immediately after the meeting, the Managing Director/ Chief Executive Officer, Stanbic IBTC, Bank, Yinka Sani said that the need to grow the economy is paramount.
Consequently, he stated that the committee was planing to interface with the pension industry so as to discuss ways to leverage on the potentials in the sub sector to save the nation’s economy especially this period of recession.
“At the meeting, we are remembered about growth and development of our economy and the need to grow it. And as banks CEOs we have accepted the responsibility and even with the CBN to continue to think on ways to contribute our quota as well as give people access to finance. Specifically, we had conversation on how the country will leverage on huge resources that reside with the pension industry to grow the economy “, he assured.
He pointed out that bankers committee was glad to receive a report that the technical committee of the Pension Association of Nigeria (PAN) has admitted their representative to the body, adding that the body will be working on initiatives that would ultimately lead to the safe of the investments of pensioners in infrastructure and key sectors of the economy.
Speaking on the impending retrenchment in the banking sector, the Director, Banking Supervision Department, CBN, Tokunbo Martins assured that the banks have given assurance that there would not be retrenchment of workers in the industry.
She noted that the rule put in place by CBN to manage demand of foreign exchange, which provided that nobody should withdraw more than $50 across the industry on the naira debit card have for a while been violated by people.
She however wish to remind the people that the rule was still in place and active adding that CBN was ready to deal decisively with anyone who violates it.