Emefiele Unveils 5yr Vision For Nigerian Economy

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has unveiled his economic vision for the country, as he affirms to merge more banks as part of recapitalisation exercise for deposit money banks in the country.

Emefiele, who presented the Monetary Policy roadmap for his 2019-2024 new terms in office at a media briefing at the apex bank headquarters in Abuja, stated that in order to build a resilient and stable financial system for continued growth of the economy, the financial institutions must be well-positioned to support the needs of individuals and businesses.

He, therefore, announced that a new recapitalization for banks would be pursued by the CBN in the next five years.

“In the next five years, we intend to pursue a program of recapitalizing the Banking Industry so as to position Nigerian banks among the top 500 in the world. Banks will therefore be required to maintain higher level of capital, as well as liquid assets in order to reduce the impact of an economic crisis on the financial system.

“We will continue to improve our on-site and off-site supervision of all financial institutions while leveraging on data analytics and our in-house experts across different sectors to improve our ability to identify potential risks to the financial system as well as risks to individual banks,” he said.

Emefiele also announced that the CBN will keep its foreign exchange system through floating of the naira as it will “reduce the impact that exchange rate volatility could have on our economy”.