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Breaking: CBN Embarks On Recapitalisation, Sets New 5 Year Target

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As part of efforts to place Nigerian Banks at a strategic position to compete with banks across the globe, the Central Bank of Nigeria is perfecting a framework to recapitalise the banking sector. The Nigerian banking sector was last recapitalised in 2004 by the then CBN Governor, Charles Soludo to the capital base of N25 billion. Speaking to a news conference in Abuja on his vision, policy direction and roadmap for the next five years, the Central Bank of Nigeria Governor, Godwin Emefiele said the Nigerian Banks are so weak compared to the world standard and need to be strengthened by increasing capital base to a minimum of N75 billion based on the present exchange rate. He said the unveiling of the framework which will be done later this year is aimed at placing Nigerian banks among the top one thousand banks in the world.

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