The Association of Corporate & Marketing Communication Professionals of Banks has expressed confidence that Nigerian banks are well-equipped to meet the new recapitalization requirements set by the Central Bank of Nigeria (CBN).
In a statement issued on Monday, the association emphasized that while banking in Nigeria is safe and sound, there is always room for improvement, and it welcomed the CBN’s new capital requirement directives.The CBN recently issued a circular directing commercial banks with international authorization to increase their capital base to N500 billion, national banks to N200 billion, and regional banks to achieve a N50 billion capital floor. Additionally, non-interest banks with national and regional authorizations are required to increase their capital to N20 billion and N10 billion, respectively.
Rasheed Bolarinwa, the president of ACAMB, praised the thoughtfulness of the CBN’s approach to recapitalization and highlighted the crucial role of banks in supporting Nigeria’s efforts to become a global emerging economy.
Source: Punch