Act Fast on Recapitalisation – CBN Tells Banks

CBN Headquarters

Act Fast on Recapitalisation – CBN Tells Banks

The Central Bank of Nigeria (CBN) has called on Deposit Money Banks (DMBs) in the country to act fast on the increase of their capital base in order to strengthen the financial system against potential risks.

This was made known by the CBN Governor, Olayemi Cardoso, during his press briefing after the 294th meeting of the Monetary Policy Committee (MPC) on Tuesday, held in Abuja, where interest rate was hiked from 22.75% to 24.75%.

Cardoso noted that the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable, safe and sound.

The committee, however, noted that to guard against risks, commercial banks in the country should accelerate their recapitalisation efforts.