Monday, October 6, 2025 - Central Bank of Nigeria (CBN) has said it was closely monitoring the remaining banks yet to meet the recapitalization requirements.
The apex bank had recently stated that 14 banks had already
met the new minimum capital base for their functions.
Acting Director, Corporate Communications Department, Hakama
Sidi Ali, who spoke in Abuja during the “CBN Special Day” at the 20th Abuja
International Trade Fair, said the apex bank, under the leadership of Governor
Olayemi Cardoso, remains committed to tackling economic challenges and
strengthening the resilience of the Nigerian financial system.
According to her, the CBN has continued to sustain a stable
and sound banking sector despite prevailing macroeconomic pressures.
“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,” Sidi Ali said.
She explained that the recapitalization exercise is part of
broader reforms to safeguard the financial system, deepen productivity, and
prepare the economy against external shocks.
She said the bank is leading the evolution of Nigeria’s
payments system through innovation. “The Bank’s Payment Systems Vision 2028 is
a bold initiative to future-proof Nigeria’s payments ecosystem, aiming to
broaden financial inclusion in rural areas, improve security, and minimise
downtime for faster, safer, and more efficient transactions,” she said.
Sidi Ali stressed that achieving economic sustainability
rests on three pillars — a strong financial system, a stable foreign exchange
market that supports planning, and effective collaboration between monetary and
fiscal authorities.
According to her, these efforts are beginning to yield
results. “Our external reserves reached $43.05 billion on September 11, 2025,
up from $40.51 billion at the end of July 2025,” she disclosed.
On currency management, she reiterated the bank’s commitment
to ensuring the availability of clean Naira notes, urging Nigerians to treat
the currency with respect.
She said: “We urge you to see the Naira as our vital symbol
of national identity. Respect it and keep it clean. Do not spray, hawk,
mutilate, or counterfeit the Naira. Be ambassadors of the Bank’s clean Naira
notes, as the CBN cannot do it alone. Our Naira, Our Pride”.
Director General, Abuja Chamber of Commerce and Industry
(ACCI), Mr. Agabaidu Jideani, commended the CBN for its role in supporting
business growth and ensuring macroeconomic stability.
“For the business community represented by ACCI, the CBN is
not just a regulator but a vital enabler of growth. Through access to credit
facilities, intervention funds, forex management, and financial inclusion
strategies, the CBN has opened opportunities for our members, particularly
MSMEs, to thrive in a competitive environment,” Jideani said.
He noted that the bank’s efforts in stabilising inflation,
promoting innovation, and enhancing financial transparency are essential for
business sustainability.
He said: “The rollout of the Open Banking Framework,
expansion of contactless payments, regulatory sandbox for fintech innovation,
and continued support for MSMEs are crucial milestones.
“These initiatives provide businesses with easier access to
finance, safer payment channels, improved forex transparency, and innovative
financial solutions that address the peculiarities of our economy”.
Jideani also acknowledged the CBN’s contributions to youth
empowerment, capacity building, and targeted sectoral interventions in
agriculture, housing, healthcare, and education. “These efforts not only reduce
barriers to doing business but also de-risk critical sectors for private
investment, creating a more inclusive and resilient economy,” he said.
He added that the business community appreciates the Bank’s
deliberate steps toward fostering an environment where enterprises can
innovate, expand, and contribute meaningfully to national development.
0 Comments