We’re monitoring remaining banks to ensure full recapitalisation compliance

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has said it is closely monitoring banks yet to meet the recapitalisation target to ensure full compliance with the regulatory directive aimed at strengthening the nation’s financial system.

Acting Director, Corporate Communications of the Bank, Mrs Hakama Ali, disclosed this during the CBN Special Day at the ongoing 20th Abuja International Trade Fair in Abuja recently.

At the last Monetary Policy Committee meeting briefing, the apex bank revealed that 14 banks have so far successfully met their recapitalisation requirements.

Ali, who was represented by Deputy Director, Mr Ibrahim Abbas, noted that the bank is keeping tabs on the remaining institutions to ensure that none falls short of the set standards.

The spokesperson explained that the recapitalisation drive was part of ongoing efforts by the Olayemi Cardoso-led management to build a stronger, safer, and more efficient financial system capable of withstanding external shocks.

She further attributed the growth of the country’s external reserves from $40.51 to $43.05 billion as of September 11 as an indication of improved investor confidence and prudent economic management.

Ali further assured that the apex bank remains committed to stabilising the foreign exchange market and deepening reforms that promote inclusive growth and job creation.

Highlighting the CBN’s commitment to innovation, Ali said the Bank’s Payment Systems Vision 2028 would transform Nigeria’s digital finance landscape by promoting financial inclusion in rural areas, improving security, and ensuring faster, more reliable transactions.

She also appealed to Nigerians to respect and protect the national currency, describing the Naira as a vital symbol of identity and pride.

“Do not spray, hawk, mutilate, or counterfeit the Naira. Keep it clean. Our Naira, our pride,” she said.

Earlier, the Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Mr Agabaidu Jideani, praised the CBN for its interventions in stabilising the financial system and supporting Micro, Small and Medium Enterprises (MSMEs).

Jideani said the business community views the CBN not just as a regulator but as a vital enabler of growth, adding that the Bank’s initiatives, including the Open Banking Framework and fintech innovation support, have made access to finance easier for Nigerian entrepreneurs.