CBN- Naira has lost 85 percent of its value in two years

The Director, Banking and Payment System, CBN, Mrs. Tokunbo Martins, stated this at the weekend in a presentation made at a round-table discussion organised by the Risk Managers Association of Nigeria, RIMAN, in Lagos.

The Central Bank of Nigeria, CBN, has revealed that the nation’s currency has lost about 85 per cent of its value in the last two years, harping on the need for risks managers in banks to brace up to the risks facing the banking sector.

She said the Nigerian economy, including the banking sector, was facing various kinds of risks as a result of the challenges of high inflation, naira depreciation, oil price crash and decline in manufacturing output.

The CBN director then called on risk managers to rise to the task of maintaining robust risk management practice in the banking sector.