Nigeria’s Banking System Remains Resilient Amid Economic Reforms – CBN

The Central Bank of Nigeria (CBN) has said the country’s banking system remains strong and resilient despite economic headwinds.

The Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, stated this in Abuja during the CBN Special Day at the ongoing 20th Abuja International Trade Fair.

She was represented by the Head of the Communication Management and Strategy Division, Mr Ibrahim Abbas.

She said the apex bank had continued to implement measures to safeguard financial stability and address vulnerabilities in the economy.

According to her, most financial soundness indicators are within prudential benchmarks, while banks are meeting recapitalisation targets set by the regulator.

“The CBN has continued to address pockets of macroeconomic challenges confronting the Nigerian economy, ensuring that the banking system remains robust and resilient, with most financial soundness indicators staying within their respective prudential benchmarks.

“As recently disclosed by the CBN Governor, fourteen banks have met their recapitalisation requirements. The Bank is also closely monitoring the remaining banks to ensure the successful completion of the exercise,” she said.

Sidi-Ali noted that the economy’s sustainability depends on a strong financial system, a stable foreign exchange market and collaboration between monetary and fiscal authorities.

She said the bank’s efforts had yielded positive results, pointing to an increase in Nigeria’s external reserves to $43.05bn as of September 11, 2025, from $40.51bn at the end of July.

She also highlighted ongoing reforms aimed at diversifying the country’s economy through non-oil exports and strengthening investor confidence.

She said the apex bank’s Payments Systems Vision 2028 was designed to broaden financial inclusion, improve security and make transactions more efficient.

On the currency, she called on Nigerians to protect the naira, describing it as a symbol of national identity.

“While the Central Bank of Nigeria will continue its efforts to ensure the availability of clean currency notes with the right mix, we urge you to see the Naira as our vital symbol of national identity. Respect it and keep it clean. Do not spray, hawk, mutilate, or counterfeit the Naira.

“We also encourage you to be ambassadors of the Bank’s clean Naira notes, as the CBN cannot do it alone. Our naira, Our Pride,” she said.

She assured stakeholders that the CBN would continue to protect bank customers, support the microfinance sector and sustain innovations in the payment system.