The Central Bank of Nigeria has directed banks to shore up their capital base to meet up with the projected one trillion dollar economy.
The CBN Governor, Olayemi Cardoso said this on Friday at the 58th Annual dinner of the Chartered Institute of Bankers of Nigeria in Lagos.
He said the Bola Tinubu administration has an ambitious one trillion dollar GDP growth target in the next seven years amd that Nigerian banks will have to sit up as part of the difficult decisions required to put things right and rebuild the economy towards that target.
Cardoso also said the CBN is to discontinue the direct quasi-fiscal interventionist activities that pumped over 10trillion naira in the economy in recent years. He said instead the apex bank will utilize orthodox tools for implementing its monetary policies.
Tokunbo Oyetunji
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