The Business NG - May 22, 2024

In this issue

Today's edition is focused on governor of the Central Bank of Nigeria, Olayemi Cardoso, statement saying that no Nigerian bank is under pressure over recapitalisation.
The apex bank boss disclosed this in a communiqué after the recently concluded 295th Monetary Policy Committee meeting in Abuja.
The CBN had recently raised the minimum capital requirements for all Nigerian banks.
The banks are required to meet the minimum capital requirement within 24 months, commencing April 1, 2024, and terminating March 31, 2026.
Since the announcement, there has been speculation that banks are struggling to meet the minimum capital requirements before the two-year deadline.
However, Cardoso stressed that the recapitalisation of banks in Nigeria is geared towards making them more robust to withstand shocks and support the $1 trillion economy envisaged by the Federal Government.
According to him, the Nigerian banking system is sound and resilient.
“It’s our responsibility to ensure it remains sound, safe, and fit for purpose,” Cardoso said.
“We are not putting any of the banks under pressure regarding recapitalisation,” he added