In a move aimed at calming market jitters and ensure smooth transition from regulatory forbearance, the Central Bank of Nigeria (CBN) yesterday affirmed strength of the Nigerian bank sector revealing that it issued routine transitional guidance to banks navigating post-forbearance adjustments.
Precisely, the bank stated that the time-bound measures are for some banks still completing their transition from the temporary regulatory support it had provided them.
In a statement signed by its Acting Director, Corporate Communications, HakamaSidi Ali, the apex bank stated that the step was part of the CBN’s broader, sequenced strategy to implement the recapitalization programme announced in 2023.
Still reeling from the effect of the policy, the Nigerian equities market extended losses yesterday, as the NGX All-Share Index declined by 0.30 percent to close at 114,910.16 points. Market capitalisation also declined by 0.25 percent and closed at N72.50 trillion.
The CBN explained, “The programme, designed to align with Nigeria’s long-term growth ambitions, has already led to significant capital inflows across the sector. Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.”
