He said banks often approve and disburse loans to subnational governments without fully adhering to the provisions of the FRA.
“In this instance, both JP Morgan and Goldman Sachs were said to have provided cash in return,” he said.
The CBN has announced that the 292nd meeting of the MPC will be held on Monday and Tuesday, to be chaired by Folashodun Shonubi, the acting governor of the CBN.
They noted that the Central Bank of Nigeria’s monetary policy’s tightening stance alone would not address the challenge.
Financial experts have urged the Central Bank of Nigeria (CBN) to improve its payment system to enhance the speed of settlement transactions.
“I have argued repeatedly that CBN can order the commercial banks to pay as much as N100,000 over the counter.”
Assuring the investing public at an event, they said that the country’s economy has strong potential to bounce back in 2023.
One of the experts advocated for the establishment of state police to tackle the situation.
They urged the federal government to save the local currency by addressing the rising inflation and other causative factors.
“The NBS report has a number of lessons. The first is that the Nigerian economy can actually survive without the oil sector.”
