The Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, announced plans for the introduction of new foreign exchange laws to address naira depreciation and ensure exchange rate stability.
Additionally, the apex bank will initiate a recapitalization exercise, directing banks to raise their minimum capital to support the vision of a $1 trillion economy.
Cardoso also revealed upcoming measures, including a new licensing framework for fintechs and payment banks, with sanctions for operators exceeding their licensed activities.
To combat rising inflation, the CBN will tighten money supply for the next two quarters and conduct liquidity mop-ups through Open Market Operations.
Cardoso emphasized the need for clear rules in currency markets and assured extensive consultations before implementing new requirements.
Recognizing the inadequacy of the banking industry for the projected economic growth, he stressed the necessity of directing banks to increase capital to meet the demands of a larger economy.
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