THE Central Bank of Nigeria (CBN) Governor, at the weekend, said that banks' ratio of non-performing loans to total credit has significantly declined to 9.37 per cent at the end August 2011 from 34.4 per cent in November 2010. According to him, the drop was achieved through the intervention of the Asset Management Corporation of Nigeria (AMCON), even as the banking regulator said it has strengthened its supervisory unit to ensure that timely regulatory action are taken by standby teams of target examiners.The CBN Governor, who stated this at the commissioning of the bank's new office building in Port Harcourt, assured that a full-fledged risk management department had been set uppromising that the apex bank would aggressively ensure capacity building for the adoption of the International Financial Reporting Standard (IFRS) by the end of 2012.Sanusi, at the ceremony, which was attended by the Governor of Rivers State, Chibuike Amaechi, Minister of Finance, Dr. Ngozi Okonjo-Iweala, and other top dignitaries, also stated that the CBN was determined to constantly monitor the banking system, making sure it remains robust and competitive, while ensuring that they continue to discharge the responsibilities expected of them.He explained that the recent initiative on less cash in transaction policy billed to start from June 2012 is aimed at addressing the currency management challenges in Nigeria, as well as enhancing the national payments system.The CBN, he revealed,would also be adopting biometric authentication for point of sales and ATMs to address customers' safety issues and avoid losses through compromise of PIN numbers.Sanusi listed the tailored interventions to support and promote the real sector of the economy as the N200 billion Refinancing/restructuring of SME/Manufacturing Fund, N300 billion for long term funding of power and aviation, N200 billion Commercial Agricultural Credit Scheme (CACSS), N200 billion Small and Medium Enterprises (SME) Credit Guarantee (SMECGS).Already, a Consumer Protection Division has been established at the bank to address users' complaints concerning banking and payment channels.Efforts would be constantly made by the CBN, according to him, to review and adopt proper legal and regulatory frameworks that support the stability of micro-finance banks, corporate governance principles, new prudential guidelines and Nigerian Uniform Bank Account Number (NUBAN) System.The Central Bank of Nigeria, Port Harcourt, was originally declared open for business on October 17, 1964, being second after Central Bank of Nigeria Lagos. The establishment of CBN Port Harcourt after Lagos was strategic because of the geographic position of this part of the Eastern Region, as a seaport and hub of economic and financial activities.President Goodluck Jonathan, who was represented by the Finance Minister, lauded the bank for providing good infrastructural facilities for its operations and for the various reforms undertaken in the banking sector in the last few years, which was geared at restoring confidence in the banking system.Other concerted efforts of the central bank, the President pointed out, included its shared services initiative in the banking sector aimed at reducing banks' overheads, lending cost and other charges as the banking industry gears up to enhance lending to the real sector of the economy.'My prayer is that all users of this building will use it in good health and its existence will contribute positively to the economic growth of Rivers State in particular and Nigeria in general,' he added.Governor Rotimi Amaechi lauded the CBN and prayed that employment opportunities be provided for Rivers State indigenes whose local economy contributes 10 per cent of the country's GDP.
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