CENTRAL BANK OF NIGERIA TO PRINT 420 BILLION NAIRA TO SAVE AILING BANKS

Must Read

Europa League: Lacassette Inspires Arsenal To Victory Over Olympiakos

Arsenal has recorded a vital away win over Greek side, Olympiakos during their knock out stage clash on Thursday. The...

‘No Going Back On Social Media Regulation’ – Lai Mohammed

The Minister of Information and Culture, Lai Mohammed has stated that the federal government will be moving on with...

Odili: PDP Restates Call for Oshiomhole’s Arrest

The Peoples Democratic Party(PDP) has further called for the arrest of Adams Oshiomhole, the national chairman of the All...

Europa League: Manchester United Record First Leg Advantage Over Club Brugge

Manchester United has recorded a first leg advantage over Club Brugge following their 1-1 draw during the Europa league...

Nigerian Newspaper Headlines Today: 21st February 2020

We Need 100,000 More Soldiers To Defeat Boko Haram - Borno Governor Professor Babagana Zulum, the Borno state governor has stated...
Information Nigeriahttp://www.informationnigeria.org
Information Nigeria is Nigeria's No.1 Information Portal.

THE Central Bank of Nigeria, CBN,in a statement made by its Governor Mallam Lamido Sanusi said that it would print money to save

the ailing banks in the country.

The Central Bank governors stated that the CBN does not require any appropriation by the National Assembly for it to lend money to the banks

as part of its statutory responsibilities, said as the lender of last resort, what it did was to create money in line with CBN Act which

gave it the power to create and lend money.

According to the central bank governor, The CEOs of the five banks were removed after their banks had undergone thorough examination by

examiners from the CBN and the NDIC, he also said that 11 other banks have been audited by the central bank of nigeria CBN.

Lamido Sanusi claims that the injection of 420 billion naira to save the banks was not a bailout but instead it was liquidity support which

was meant to get the banks back on their feet since a lot of the money borrowed from the banks would not be returned.

The CBN governor also expressed willingness to print naira to bail out any of the additional 11 audited banks which is discovered to be

ailing.

The printing of naira to bail out banks has got a lot of nigerians asking “Does the central bank of nigeria have the power to print naira to

replace that which was laundered and is still in use in the system.” That is a question we would leave the national assembly to decide.

- Advertisement -
Ad ==> Discover how a young Nigerian graduate now makes a consistent 40k per week doing a legitimate online business. You too can start yours now, click here!!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -