The Central Bank of Nigeria (CBN) is intensifying its oversight of banks that have yet to meet recapitalisation targets. The initiative, designed to strengthen the nation’s financial sector, aims to ensure all financial institutions comply with regulatory directives.
Speaking at the 20th Abuja International Trade Fair, Mrs. Hakama Ali, Acting Director of Corporate Communications at CBN, revealed that 14 banks had already fulfilled their recapitalisation requirements. Represented by Mr. Ibrahim Abbas, Deputy Director at the CBN, Ali confirmed that the apex bank is actively monitoring the remaining banks to ensure they meet the mandated standards.
“The recapitalisation effort is part of the ongoing strategy under the leadership of Mr. Olayemi Cardoso, aimed at fortifying our financial system to better withstand external economic shocks,” Ali said.
Ali also pointed to the recent growth in Nigeria’s external reserves, which surged from $40.51 billion to $43.05 billion by September 11. This increase, according to the CBN, reflects improved investor confidence and sound economic management by the current administration.
Further underscoring the CBN’s commitment to economic stability, Ali assured that the bank remains focused on stabilising the foreign exchange market and promoting reforms that foster inclusive growth and job creation.
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Highlighting the CBN’s vision for a more digital future, Ali introduced the Bank’s Payment Systems Vision 2028. This initiative is set to transform Nigeria’s financial landscape, especially by enhancing digital financial inclusion in rural communities and improving transaction speed and security.
Ali also called on Nigerians to show greater respect for the nation’s currency, urging the public: “Do not spray, hawk, mutilate, or counterfeit the Naira. Keep it clean. Our Naira, our pride.”
Earlier, Mr. Agabaidu Jideani, Director-General of the Abuja Chamber of Commerce and Industry (ACCI), commended the CBN for its continued role in stabilising the financial system and supporting Micro, Small, and Medium Enterprises (MSMEs).
Jideani acknowledged that the CBN is more than just a regulator; it is a crucial enabler of business growth in Nigeria. He noted the bank’s initiatives, such as the Open Banking Framework and its support for fintech innovations, have improved access to financing for Nigerian entrepreneurs.
