Banks' Total Assets Now N14.9 Trillion

Description:

The 24 banks in the country now have total asset base of N14.932 trillion with over 10 million shareholders, the Governor of the Central Bank (CBN) said yesterday.

Professor Chukwuma Soludo said this in Abuja at an international conference to celebrate the 50 years anniversary of CBN.

He also said that (CBN) may cease to exist in the next 50 because of the proposed Central Bank of Africa (CBA) to be sited in Nigeria.

Despite the banks' exposure of about N784 billion to the capital market, which many analysts considered toxic, Soludo said their asset base grew by 439.4 percent from 1960.

He also put their capital adequacy ratio to 22 percent. He put the current country's external reserves at $47 billion compared to $602.8 million in 1960.

Soludo said that in spite of the current global financial crisis, no percentage was lost from the reserves.

Contrarily, Daily Trust can report that the reserves hit an all time high of $64 billion in August 2008.

He said the CBA would regulate common regional currencies.

President Umar Musa Yar'adua said the country is committed to the ECOWAS's single currency and the hosting of the CBA.

"I want to reiterate Nigeria's commitment to these pan-African initiatives and assure of our readiness to fulfill our obligations as may be required to make them happen," he said.