CBN To Increase Capital Base Of Commercial Banks

The Central Bank of Nigeria has said it will soon announce a new capital base for banks in the country as it said Nigerian banks are not well capitalised to meet the needs of the economy. This is as the minister of finance and coordinating Minister of the Economy, Wale Edun has said the President Bola Ahmed Tinubu led government will continue on its course of reforms, a path which he said will soon begin to yield results.

The CBN governor, Dr Olayemi Cardoso, in his first public speech at the 2023 Bankers Dinner yesterday night said while there had been stability in the banking sector, banks in the country are not adequately capitalised to meet the need of a $1 trillion economy which the present government is driving towards.