The Central Bank of Nigeria (CBN) has reaffirmed that the country remains mired in a financial and economic crisis. This assertion was made by CBN Governor Yemi Cardoso during the 14th Annual Bankers’ Committee Retreat in Abuja. Cardoso emphasized that the current economic challenges were inherited by the present CBN administration and require urgent attention.

Cardoso highlighted the critical role of the Bankers’ Committee in tackling pressing issues such as poverty, rising inflation, unemployment, infrastructure deficits, and insecurity. He urged committee members to reflect on the challenges faced over the past year and develop actionable strategies to address them.

“The responsibility of the Bankers’ Committee is crucial in these challenging times to help reflate the economy and drive recovery,” Cardoso stated.

The retreat also featured contributions from other key economic stakeholders. Tope Fasua, Special Adviser to the President on Economic Affairs, raised concerns about excessive charges by Point of Sale (PoS) operators. He called on the CBN and deposit money banks to improve cash availability at Automated Teller Machine (ATM) points nationwide to alleviate financial strain on citizens.

Themed “Contract and Commitment to National Development and Economic Growth,” the three-day retreat has brought together banking sector leaders to devise strategies for economic revitalization and national development.