CBN To Speed Up Recapitalisation Exercise For Banks
The Monetary Policy Committee has asked the Central Bank of Nigeria to fast-track the preparations for the proposed recapitalisation exercise of banks.
The MPC gave the charge at the 294th meeting held to review economic and financial developments.
The bank gave the first hint of a possible recapitalisation exercise last year when the floating of the currency slashed the dollar value of capitalisation of banks in Africa’s largest economy.
The planned recapitalisation will also help in supporting the proposed $1tn economy.
The CBN Governor, however, reopened the debate asking banks to speed up actions to meet up with the exercise, which is still being planned.
The CBN governor said, “The Committee thus, called on the Bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macroprudential guidelines.
