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The Central Bank of Nigeria (CBN) has urged Deposit Money Banks (DMBs) across the country to expedite their efforts to bolster their capital base, aiming to fortify the financial system against potential risks.
This call to action was issued by the CBN Governor, Olayemi Cardoso, during a press briefing following the 294th meeting of the Monetary Policy Committee (MPC) held in Abuja on Tuesday. During the meeting, the interest rate was raised from 22.75% to 24.75%.
Cardoso highlighted that the MPC thoroughly assessed developments in the banking sector and expressed contentment that the industry continued to exhibit stability, safety, and soundness.
However, the committee underscored the importance of proactive measures to mitigate risks, emphasizing the need for commercial banks in Nigeria to expedite their recapitalization endeavors.
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