The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has called for stronger policy coordination to strengthen Nigeria’s monetary and financial systems. He made this known while presenting a paper titled “Monetary and Financial System Stability in Nigeria: Nexus, Challenges and Way Forward” at the Monetary Policy Committee (MPC) Workshop held in Abuja.
The workshop, themed “Contemporary Issues in Monetary Policy Formulation and Implementation in Nigeria,” attracted top financial sector stakeholders including the Governor and Deputy Governors of the Central Bank of Nigeria (CBN), MPC members, the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, and former Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda.
In his presentation, Hassan highlighted the interdependence between monetary policy and financial system stability, warning that macroeconomic shocks, fiscal pressures, and structural weaknesses continue to pose significant risks to Nigeria’s economic progress.
“A stable financial system is not just desirable, it is essential for effective monetary policy transmission,” Hassan noted.
He listed key challenges such as persistent inflation, exchange rate volatility, high non-performing loans, and limited credit access for small and medium-sized enterprises (SMEs). According to him, these issues demand coordinated responses and comprehensive reforms.
Hassan advocated for stronger regulatory frameworks, enhanced deposit insurance mechanisms, and digital innovation in the banking sector. He also stressed the need for seamless synergy between fiscal and monetary authorities to build resilience and restore investor confidence.
The workshop provided a forum for critical dialogue on the future of Nigeria’s monetary policy, with stakeholders exchanging insights on how best to navigate current economic headwinds. Contributions from Mrs. Jafiya and Mr. Yuguda added depth to the conversation, reinforcing the call for inclusive policy actions.
As Nigeria continues to confront multiple economic challenges, Hassan’s paper set the tone for a renewed focus on policy alignment, financial soundness, and long-term economic stability.
The MPC workshop concluded with a shared commitment among participants to strengthen Nigeria’s macroeconomic environment through evidence-based and forward-looking monetary policy decisions.
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