NDIC gives banks vote of confidence

In spite of the woes betiding the Nigerian economy, bedeviled by iminent food shortage and rising inflation, the Nigeria Deposit Insurance Corporation (NDIC) said, the banking sector is now immunized to shocks that may invade the economy and the financial system.

Bello Hassan, Managing Director of NDIC made this known at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, at Eko Hotels in Lagos.

Any change in fundamental macroeconomic variables or relationships that has a significant impact on macroeconomic outcomes and measures of economic performance, such as unemployment, consumption, and inflation, is referred to as an economic shock.

What the NDIC boss is saying

Hassan, who was represented by Mustapha Ibrahim, NDIC’s Executive Director (Operations), stated that effective risk-based management remained critical to a safe and sound financial system.

“The NDIC and the Central Bank of Nigeria (CBN) have a very robust supervisory framework under the risk-based supervisory format the risk-based approach is actually proactive. For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.

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