Recently, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the apex bank would recapitalize Nigeria’s Deposit Money Banks (DMBs).

According to him, this development is in line with President Bola Tinubu’s $1 trillion economy target.

As Nigeria seeks to achieve this target, the CBN believes Nigerian banks must be fortified to withstand potential shocks, contribute to the country’s economic growth, and prepare them for the envisioned larger economy.

This is coming 18 years after the apex bank recapitalized Nigerian banks from ₦2 billion to ₦25 billion under the leadership of former CBN Governor, Prof. Charles Chukwuma Soludo.

Source: Business Insider