Market News

 by Nduka Chiejina, Abuja

Central Bank of Nigeria (CBN) has said it was closely monitoring the remaining banks yet to meet the recapitalisation 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 recapitalisation 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.