CBN to direct banks to raise capital base – CBN Governor

Date:

November 25, 2023.

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Azonuchechi Chukwu.

The Central Bank of Nigeria (CBN) say it will direct banks to shore up capital base to meet up with the projected one trillion dollar economy.

The Governor of CBN Olayemi Cardoso at the 2023 Bankers Dinner In Lagos Said Nigeria’s financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks adding that the banks don’t have the sufficient capital relative to the financial system’s needs in servicing a one trillion-dollar economy in the near future.

This is coming more than a decade after CBN under Prof Charles Soludo directed banks to raise their capital base to 25 Billion Naira.

Cardoso added that CBN will discontinue direct quasi-fiscal interventionist activities that pumped over ten trillion naira in the economy and instead utilize orthodox monetary policy tools for implementing monetary policy.

The CBN Governor also said recent developments in the payment services landscape have raised concerns regarding the use of technology and existing licensing and regulatory framework.

Looking ahead, the apex bank projected a growth rate of two point three six percent in the third quarter of 2023, with an anticipated increase to three point nine seven percent in the fourth quarter as various reforms take effect.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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