CBN To Speed Up Recapitalisation Exercise For Banks
AFNEWS Reporter
Mar 28, 2024
CBN To Speed Up Recapitalisation Exercise For Banks
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The Monetary Policy Committee has asked the Central Bank of Nigeria to fast-track the preparations for the proposed recapitalisation exercise of banks.
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The MPC gave the charge at the 294th meeting held to review economic and financial developments.
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The bank gave the first hint of a possible recapitalisation exercise last year when the floating of the currency slashed the dollar value of capitalisation of banks in Africa's largest economy.
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The planned recapitalisation will also help in supporting the proposed $1tn economy.
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The CBN Governor, however, reopened the debate asking banks to speed up actions to meet up with the exercise, which is still being planned.
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The CBN governor said, "The Committee thus, called on the Bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macroprudential guidelines.
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— AFNEWS Reporter