CBN set to pursue recapitalisation programme in banking sector

Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN) has said that it will soon begin recapitalisation programme in the Nigerian banking sector to enable it compete with its counterparts in other climes.

Confiance News gathered from the new five-year plan released by the bank.

“In the next five years, we intend to pursue a programme of recapitalising the banking industry so as to position Nigerian banks among the top 500 in the world,’’ the CBN governor, Godwin Emefiele said.

Confiance News, however, gathered that Regional banks in the country currently have a minimum paid-up capital of N10 billion, while national banks have N25 billion and international N50 billion.

Also known as the apex bank, the CBN disclosed that while it targets the growth of the nation’s external reserves, and support efforts at diversifying the economy, it will also work with its counterparts in the fiscal arm in supporting improved foreign direct investment flows to various sectors such as agriculture, manufacturing, insurance and infrastructure.

“We will seek to preserve domestic macroeconomic and financial stability,” Emefiele said.

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