The Monetary Policy Committee of the Central Bank of Nigeria said the stability of the banking sector is key to economic recovery.
The committee is convinced that the economy needs a new impetus of increased lending by the banking system.
MPC agreed to adopt innovative ways to encourage Deposit Money Banks to accelerate credit growth, including a reduction in the Monetary Policy Rate.
The Deputy Governor, Corporate Services, CBN, Edward Adamu said the banking system stability is a requirement for proper financial intermediation needed to support recovery in output.
