The Central Bank of Nigeria (CBN) governor, Yemi Cardoso has stated that the apex bank has put in place plans and policies to address the spiralling inflation in the country while being mindful of global and domestic economic challenges as it affects the country.
He stated this while making a presentation at a stakeholders meeting held by the House Committee on Banking Regulations on Tuesday.
According to him, the CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry, which include recapitalisation by raising the minimum capital base to support the $1 trillion economy envisioned by the Federal Government of Nigeria (FGN) by 2030.
He said, “Banks are required to meet these new thresholds by March 31, 2026, with several options available for reaching these targets. These options include issuing of new equities, mergers and acquisitions, or adjusting their operational licenses.
“The bank also revoked the licence of Heritage Bank, facilitated the successful merger of Unity Bank and Providus Bank, revised Cybersecurity Rules for Banks and PSPs, suspension of processing fees on cash deposits, and enhanced AML/CFT supervision, amongst others.
“Amidst the identified challenges, the bank’s sustained reforms and strategic interventions have produced encouraging outcomes in diverse areas of our financial landscape and the broader economy.
“Overall, the banking industry remains sound, safe, and resilient, with improvements in liquidity and asset quality”.
On the outlook for the economy, Cardoso said he was confident as the country expects continued positive growth, especially in the non-oil, oil and industrial sectors.
“However, we remain cautious about potential global economic disruptions and domestic challenges.
The CBN governor also said the capital market has responded positively to their policies, with the All-Share Index and market capitalisation sustaining positive gains, reflecting renewed investor confidence. In general, Nigeria’s international standing has improved, with rating agencies upgrading our sovereign credit ratings.
In his remarks, the Chairman, House Committee on Banking Regulations, Rep. Mohammed Bello El-Rufai said: “On the exchange rate, I must commend the CBN on the unification of the foreign exchange market, enhancing liquidity and reducing market distortions, daring a $7 billion backlog of valid forex, reducing forex volatility, and increasing our external reserves significantly.
Continued on www.dailytrust.com
According to him, the CBN has implemented a series of ground- breaking measures aimed at enhancing market transparency, improving financial stability, fostering a more secure investment environment, and shifting towards a market-driven exchange rate regime, to restore confidence and stabilize the economy.
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