Emefiele advises central bankers to tighten regulatory framework

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Johannesburg, March 15, 2023 – Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), has urged fellow governors of central banks and other financial sector regulators in Africa to be more vigilant in their regulatory and supervisory roles.

Emefiele gave the advice today at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa.

He enjoined them to put in place regulations that will prevent any run on banks in their countries.

Emefiele also advised them to draw lessons from the recent failure of Silicon Valley Bank (SVB) and Signature Bank in the United States of America.

He said that current threats to the financial system necessitated the release of new guidelines and regulations to tackle potential infringements and, in the process, protect depositors’ funds as well as promote greater transparency in the sector. 

According to him, regulators must be alive to their responsibilities by ensuring that banks under their regulatory watch are financially healthy and do not suffer similar fate as the Silicon Valley Bank, which, until its collapse recently, catered to many of the world’s most powerful tech investors.

The conference was opened by the Prime Minister of Namibia, the Rt Hon. Saara Kuugongelwa.

The issues discussed centred on “African Solution for African Problems” and “Africa’s Seat at the Table,” among others.

Other issues for discussion at the meeting are “Calibrating for a New World Order” and “Unlocking Development Finance and Mobilising Institutional Investors for Development in Africa”. (GBN)

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