The Central Bank of Nigeria (CBN) has affirmed the strength of the Nigerian bank sector as part of its ongoing efforts to strengthen the banking system.
It has also introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided, mostly in response to the economic impact of the COVID-19 pandemic.
A statement yesterday signed by the apex bank’s Acting Director, Corporate Communications, Hakama Ali, said the move was part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.
According to the statement, the programmes, designed to align with Nigeria’s long-term growth ambitions, have already led to significant capital inflows and balance sheet strengthening across the sector.