The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that no Nigerian bank is under pressure over recapitalisation. The apex bank boss disclosed this in a communiqué after the recently concluded 295th Monetary Policy Committee meeting in Abuja. The CBN had recently raised the minimum capital requirements for all Nigerian banks.
The governor of the Central Bank of Nigeria, Olayemi Cardoso , has said that no Nigerian bank is under pressure over recapitalisation. The apex bank boss disclosed this in a communiqué after the recently concluded 295th Monetary Policy Committee meeting in Abuja. The CBN had recently raised the minimum capital requirements for all Nigerian banks. The banks are required to meet the minimum capital requirement within 24 months, commencing April 1, 2024, and terminating March 31, 2026.
Since the announcement, there has been speculation that banks are struggling to meet the minimum capital requirements before the two-year deadline. However, Cardoso stressed that the recapitalisation of banks in Nigeria is geared towards making them more robust to withstand shocks and support the $1 trillion economy envisaged by the Federal Government. According to him, the Nigerian banking system is sound and resilient.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banks await CBN’s decision on submitted recapitalisation plansThe Nation Newspaper Banks await CBN’s decision on submitted recapitalisation plans
Read more »
Implications of cbn’s bank recapitalisation policy(2)The Nation Newspaper Implications of cbn’s bank recapitalisation policy(2)
Read more »
Nigerian Govt announces plan to merge CBN’s NIRSAL, Bank of AgricultureThe National Council on Privatisation, NCP, has announced that it is aiming to merge the Central Bank of Nigeria's NIRSAL Microfinance Ltd with the Bank of Agriculture. The Council disclosed this in a statement on Wednesday, noting that it also plans to inject new capital into the institutions to rejuvenate them following the merger.
Read more »
CBN asks Nigerian banks to charge 0.5% cybersecurity levy on all transactionsA Trusted Nigerian Newspaper
Read more »
CBN orders Nigerian banks to suspend cash deposit chargesThe Central Bank of Nigeria has ordered banks to stop charges on cash deposits. The apex bank disclosed this in a May 6, 2024, circular signed by its Director of Banking Supervision, Adetona Adedeji. The apex bank noted that the suspension will last until September 30, 2024.
Read more »
Surrogacy Is A Crime In Nigeria – Lawyer WarnsA Nigerian lawyer, Sunny Ekwuwusi has warned that surrogacy is a crime under the Nigerian law.
Read more »