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CBN To Establish Bankers’ Charitable Endowment Fund

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has given a hint of the move to establish a Bankers’ Charitable Endowment Fund, as part of the apex bank’s priorities for 2020.

Godwin Emefiele, in a keynote address titled: “Strong Sustainable growth for the Nigerian Economy” delivered at the 54th Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos yesterday, November 29, explained that the establishment of a Bankers’ Charitable Endowment Fund will fund a major charitable initiative every year starting in 2020.

According to him, the Bankers’ Charitable Endowment will directly fund strategic social programmes in states and local communities across Nigeria. He expressed the hope that the Fund would spur a trend across other industries and sectors to collaborate and work together to better the lives of all Nigerians.

He said that in spite of the positive growth the economy experienced, growth had remained slow due to “some structural constraints” in the economy.

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According to him, the pace of growth, given Nigeria’s growing population, exposed the economy to shocks, such as changes in the oil price, and sentiments in the global financial markets.

He said that plans by the CBN to support the economic recovery and enable stronger growth for the country’s Gross Domestic Product (GDP), would continue, adding that the bank’s current tight stance, particularly in view of rising inflation expectations would be sustained.

“Though we will act to appropriately adjust the policy rate in line with unfolding conditions and outlooks, the CBN will continue to ensure that the policy interest rate is delicately set to balance the objectives of price stability with output stabilization.”