We’re monitoring compliance with recapitalisation deadline – CBN
The Central Bank of Nigeria (CBN) has stated that it is closely monitoring Banks to ensure compliance with the recapitalisation deadline. Acting Director, Corporation Communications Department at CBN, Hakama Sidi Ali stated this in Abuja over the weekend during the CBN day at the ongoing Abuja International Trade Fair (AITF) She said the theme of […]
The Central Bank of Nigeria (CBN) has stated that it is closely monitoring Banks to ensure compliance with the recapitalisation deadline.
Acting Director, Corporation Communications Department at CBN, Hakama Sidi Ali stated this in Abuja over the weekend during the CBN day at the ongoing Abuja International Trade Fair (AITF)
She said the theme of this year’s Trade Fair tagged: “Sustainability: Consumption, Incentives, and Taxation” aligns with the CBN’s continued push for diversifying Nigeria’s productive base, with a particular focus on boosting the export of non-oil commodities as well as the goal of the CBN Governor, Mr. Olayemi Cardoso, to improve investors’ confidence, which is evidenced by a significant increase in foreign investments.
She added that the CBN annually participates in the Fair to raise awareness and sensitize numerous stakeholders about its policies and programmes, which are essential for boosting economic activities, inclusiveness, and achieving global recognition.
- What’s in the Providus-Unity Bank Merger?
- Forensic institute urges FG to flush out cabals in oil sector
“The Management of the Central Bank of Nigeria, under the leadership of Mr. Olayemi Cardoso, is dedicated to addressing identified challenges of the Nigerian economy to boost productivity and strengthen the local economy against any adverse external shock.
“Achieving economic sustainability is based on a tripod. This includes strong financial systems, a stable foreign exchange market for effective planning, and strong collaboration between the monetary and fiscal authorities. The Bank’s efforts in these areas are producing the desired results, with our external reserves reaching $43.05 billion on September 11, 2025, up from $40.51 billion at the end of July 2025.
“The CBN has continued to address pockets of macroeconomic challenges confronting the Nigerian economy, ensuring that the banking system remains robust and resilient, with most financial soundness indicators staying within their respective prudential benchmarks.
“As recently disclosed by the CBN Governor, fourteen banks have met their recapitalisation requirements. The Bank is also closely monitoring the remaining banks to ensure the successful completion of the exercise,” she further explained.