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ARTICLE · 24 MAY 2024

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CBN Recapitalisation Policy 2024: Meaning, Purposes And Implications

Harlem Solicitors
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The Central Bank of Nigeria (CBN) being the apex bank in the country has as one of its key objectives to promote a sound financial system stability.

NigeriaFinance and Banking
Harlem Solicitors
Harlem Solicitors

INTRODUCTION

The Central Bank of Nigeria (CBN) being the apex bank in the country has as one of its key objectives1 to promote a sound financial system stability. The CBN ensures the safety and soundness of the financial system in Nigeria through banking sector reforms, improved access to finance, identifying, monitoring, and assessing vulnerabilities in key nodes of the financial system, adequate institutional capacity building and implementation of good corporate governance practices.2

The CBN in furtherance of this objective, through a circular dated 28th March 2024, announced recapitalization of the banking sector, and prescribe an increment in the minimum capital requirements for "commercial", "merchant", and "non-interest banks" in Nigeria.

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