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Banks to Contribute 5 Percent to Agriculture

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…to Establish Central Repository Against Fraud
The bankers committee of Central Bank of Nigeria (CBN) at the end of their 32 meeting in Lagos, said they will be contributing 5 percent of their profit after tax toward supporting the agricultural sector, CBN director of banking supervision, Ahmed Abdullah disclosed this to journalist.
Abdullah, who spoke alongside, the managing director of Access Bank Plc Herbert Wigwe, Michael Larbie of Rand Merchant Bank, Charles kie of Ecobank Nigeria, noted that they also discussed issues about the foreign exchange market, which according to him “recent development in the market shows that its moving towards convergence, as seen in the new window for SME’s” stressing that the public needs to know about it and improve their business.
He said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results.
Pointing out that the country had started to see a downward trend in the prices of commodities, indicating a reduction in the rate of inflation.
On the issue of fraud in the banking sector, Wigwe said the committee is planning to set up a central repository system that will help to track all fraudster in the industry.
He said they are currently working on the modalities before it will be implemented.
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