Charles Chukwuma Soludo: Consolidating the Nigerian banking industry to meet the development challenges of the 21st century (Central Bank Articles and Speeches)

I am delighted, as part of this first meeting of the Bankers Committee under my chairmanship, to share some thoughts with you on a major policy shift regarding the banking industry. Given the potential implications of the policy shift for the ownership and operations of the banking industry, we thought it was important to have this special meeting (with Chairpersons of Boards of Banks also in attendance). As you are aware, I assumed duties as the Governor of the Central Bank barely one month ago and we are still working out the fine details of the New Agenda for Repositioning the CBN and the Financial System for the 21st Century. Our goal is to consolidate and build upon the achievements of the sector especially in the last 10 years and to take the system to greater heights. Let me use this opportunity to invite all of you to send us any proposals or ideas that you might have in respect of how best the CBN can continue to serve the financial system and the Nigerian economy better in the years ahead. I will share the strategic agenda with you and the generality of Nigerians in due course, especially in respect of the agenda for ensuring exchange rate and price stability, managing interest rate for stability and development, macroeconomic coordination, vigorous pursuit of the developmental roles of the Central Bank, improvement of the payments system, financial sector diversification and regulatory reforms, and strategies for integrating Nigeria’s financial system into the African regional and global financial system. For today, I concentrate on the theme of banking sector consolidation.