Yemi Cardoso, Nigeria’s Central Bank governor has assured that the ongoing recapitalization exercise for banks in the country will result in strengthening institution in the sector.
The CBN governor said a lot of progress has been made by banks in their quest to increase their working capital, in line with the apex bank’s directive.
He spoke with Andreas Voss, Chief Country Representative, Deutsche Bank Nigeria, at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos at the weekend.
The Cardoso-led CBN has set March 31, 2026 as the deadline for all commercial banks in the country, including tier-one banks to raise their capital to N500 billion.
So far so good, Cardoso said on the recapitalisation exercise saying banks have complied with the directive, which according to him is meant to provide shocks in the sector, and promote “finance growth.”
He stressed that bank recapitalisation is part of the wholesale plan to stabilize the country’s economy, saying the CBN has been on the driver’s seat in ensuring that the financial sector have the capacity to drive lending and investment.
Cardoso: “We will protect the stability that has been re-established in the financial system with the utmost zeal.
“Our primary objective is to maintain that stability while simultaneously addressing inflation and ensuring that the financial system is sufficiently resilient to facilitate corporate lending and investment.”
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