Assess impacts in economy while awaiting detailed implementation roadmap
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said it would engage relevant stakeholders over the new guidelines by the Central Bank of Nigeria (CBN) on bank recapitalisation.
In a statement on NACCIMA’s stance on the recent CBN policy directive to raise tier 1 and 2 banks’ capital base to N500 and N200 billion respectively, the National President of NACCIMA, Dele Kelvin Oye, said the association is approaching the matter with caution and thorough analysis.
Noting the significance of the policy shift in the banking sector and its potential implications on the broader macroeconomic landscape, Oye said NACCIMA would also await the release of the complete policy framework by the CBN. The statement read: “It is imperative to highlight NACCIMA’s approach to this matter as that of caution, prudence and thorough analysis.
“As such, we intend to engage in consultations with our stakeholders and await the disclosure of the complete policy framework from the CBN and the government.
“This approach is essential to ensure a well-informed response that considers the intended macroeconomic objectives that the capitalization increase seeks to address.”
Oye said NACCIMA acknowledged the significance of the policy shift within the banking sector and its potential implications on the broader macroeconomic landscape.
“While recognising the importance of maintaining a robust banking system, we are currently unable to provide a comprehensive commentary on the policy without access to the full details and context surrounding the CBN’s decision.
“NACCIMA’s dedication to safeguarding the interests of private citizens and promoting the public good remains unwavering,” he added.
