The Director, Banking Supervision of CBN, Mr Haruna Mustafa, said this at the 2021 Financial Correspondents Association of Nigeria workshop in Ibadan on Friday.
He said non-performing loan ratio improved from 6.58 per cent to 5.9 per cent as at August 2021, while banking system credit to the economy increased to 10.99 per cent between January and August.He listed some interventions by the apex bank to lessen the impact of the pandemic to include reduction in interest rates to five per cent.
The director said CBN would continue to develop additional counter cyclical policy options that could be utilised in periods of stress.“We expect financial services to be provided more in a digital manner.
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