Uche Usim, Abuja
Central Bank of Nigeria Governor, Mr. Godwin Emefiele on Monday said the management will work with relevant stakeholders to recapitalise commercial banks in the country to make them stronger to undertake greater tasks.
He made the disclosure while unveiling his second tenure agenda in Abuja.
The last recapitalisation exercise was done in 2004 by the then CBN Governor, Chukwuma Soludo.
Emefiele said: “Soludo did it last in 2004 from N2 billion to 25 billion. It helped the banks and the economy become stronger. We could now take up large ticket transactions.
“But relate the value of N25 billion in 2004 when the exchange rate was N100/dollar to now when the rate is N360/dollar. That is about $75 million. We need to recapitalise. It’s a policy trust and will be discussing at committee of governors meeting and will be unveiled for everyone to see”, he said.
Emefiele further revealed that growing external reserves, improving access to credit, investment in education, job creation, are top prior