Central Bank of Nigeria's (CBN) governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. Nigeria's central bank said today it will ease currency controls and allow the naira to devalue as the country works to attract investment amid a worsening economic outlook. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that the currency market will be "purely market driven". / AFP / PHILIP OJISUA (Photo credit should read PHILIP OJISUA/AFP/Getty Images)
…As Non-Interest Bank Stakeholders Seek Effective Monitoring Of Impact Of Covid-19 On Financial System.
By John Nwokocha
Abuja
Non-interest bank stakeholders yesterday in Abuja called for closer monitoring of impact of Covid-19 pandemic on the nation’s financial system during Webinar by the Nigeria Deposit Insurance Corporation (NDIC), while the corporation’s managing director/chief executive, Alhaji Umaru Ibrahim, canvassed for implementation of effective fiscal and monetary measures which according to him is crtical towards addressing the unexpected fallouts of the Covid-19 pandemic.
The Webinar which is titled: “The Impact of COVID-19 on the Banking System with a Special Focus on Non-Interest Financial Institutions’ (NIFIs)”organised by the NDIC in collaboration with the Islamic Financial Service Board (IFSB), the NDIC boss made this position in his speech delivered on his behalf by Mr. Galadima Y. Gana, Director, Insurance Surveillance Department (ISD), described the Webinar event as a crucial platform for stakeholders and regulators in the industry to examine and analyse the issues affecting operations in the Non-Interest Banking sector that have been impacted by the pandemic with a view to proffering effective solutions and interventions to ensure stability of the financial system.
He explained that the aim of the Webinar was to bring critical stakeholders in the Non-Interest Banking sector among other issues, evaluate the Central Bank of Nigeria’s interventions in the sector in terms of enhancing financial inclusion, gain insights into consumer behaviour in light of the recent Sukuk Issuance as well as highlight global interventions such as the Islamic Development Bank’s Social Welfare Sukuk.
In his own view the Secretary General of the IFSB, Dr. Bello Lawal Danbatta, disclosed that since the establishment of IFSB in 2003, it has remained committed to the implementation of prudent regulations to promote financial system stability for Non Interest Financial Institutions (NIFIs).
According to him, in light of the global impact of the COVID-19 pandemic on the financial system, it is critical for industry operators to strictly monitor their Credit, Market and Operation Risks for operational resilience as well as come up with a coordinated policy response for both domestic and international financial institutions.
Highlights of the recommendations include the need for regulators, especially the CBN to address the Liquidity challenges faced by the NIFIs on investible instruments particularly short-term investible windows, as participants in the Webinar voiced out their concerns and recommendations in a communiqué issued at the end of the event.
Other highlights, according to a release signed by NDIC director, communication and public affairs, Sunday Oluyemi, are: the adoption of Social Financing in collaboration with religious bodies that have the mandate to collect zakat (Islamic obligatory charity) and protect Waqf(Islamic charitable endowment) that could be channeled towards projects targeted at poverty alleviation; the extension of Sukuk to include the corporate private sector and the use of its proceeds in developmental initiatives such as healthcare; and the establishment of Non-Interest Microfinance Banks to target the financially excluded and underserved segments of the population in line with the financial inclusion drive of the Federal Government.
According to the release, presentations were delivered by Managing Directors and Heads of Units of various NIFIs in Nigeria including TajBank Plc, SunTrust Bank Plc, Tijara Microfinance Bank, Jaiz Bank Plc and Sterling Bank Plc. Members of the academia from across the country, including those from Ahmadu Bello University Zaria and University of Lagos also served as panelists during the webinar.
We can see that we need to develop policies to deal with this trend.
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