Soludo urges banks to adjust to new developments following ACFTA agreement

A former Governor of the Central Bank of Nigeria, Prof Charles Soludo, has urged Nigerian banks to adjust to developments that may arise as a result of the African Continental Free Trade Area agreement.

Soludo, who is also a member of the Economic Advisory Committee to the President, spoke during the 2019 Nigerian banking sector report launched by Afrinvest in Lagos on Monday.

He said, “What kind of banking and financial system do we really need to be able to power the Nigerian and African economy in view of the African Continental Free Trade Area agreement?

“What should be the next level for the banking industry and how should the banks adjust to the disruptive changes?”

Meanwhile, the National Assembly has said that it has yet to receive any communication relating to the African Continental Free Trade Agreement from the executive.

The Chairman, House Committee on Treaties, Protocols and Agreements, Nicholas Ossai, made this known in Abuja on Monday.

He spoke at a public lecture organised by the National Institute for Legislative and Democratic Studies.

Ossai disclosed that in the coming weeks, the House committee would organise a special public hearing to review all treaties, protocols and agreements signed by Nigeria