He said the stability and confidence achieved in the sector stemmed largely from these monies that CBN gave as loans to commercial banks.
He however, did not disclose the total amou nt that was released since 2009.
The CBN Governor who was represented by his Deputy in Charge of Financial System Stability Directorate, Mr. Kingsley Moghalu, made the disclosure in an interactive forum between the members of the Senate Committee on Banking, Insurance and Other Financial Matters headed by Senator Bassey Otu.
Sanusi bemoaned the rapid lack of growth in the real sector of the economy, pointing out that there was need for structural reform in the system.
He said: “Nigeria economy is not productive adding that there is need for structural reform of the nation’s economy.
Commenting on the structural defects in the economy, he said the problem with the nation’s economy is because the whole economy is geared toward importations of goods, adding: “Nigeria economy is not productive, the whole economy is geared toward importations and until there is structural reform in the nation’s economy there will still be problem with the nation’s economy.”
According to him, introduction of structural reform will lead to an improvement in the economy of the country.
He said: “That with the structure put in place by CBN the nation’s banks are viable.”
He explained that CBN has put in place consumers protection department in order to address the problem associated with unnecessary banks charges. The Governor pleaded to the National Assembly to expeditiously pass the National Ombudsman Bill into law in order to ensure banking stability.
In a remark, Senator Otu, said that the National Assembly is concerned about the financial stability of the economy, adding that it would do everything possible through proper legislation to bring about the desired growth in the economy especially in stimulating the real sector.
Otu said: “We would do anything that would lead to moving our country’s economy forward.”
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