The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said it needed comprehensive details on the Central Bank of Nigeria (CBN) recapitalization framework before speaking on the matter.
Earlier, the CBN reviewed the new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500bn.
NewsNGR had reported also that the new minimum capital base for commercial banks with national authorisation was pegged at N200bn, with the regional authorization moved to N50bn.
While acknowledging the significance of the policy shift within the banking sector and its potential implications on the broader macroeconomic landscape the National President of NACCIMA, Dele Oye, said the organization needed to have a critical stakeholder meeting to ascertain the actual purpose of the development.
Oye said, “In response to the specific query regarding NACCIMA’s stance on the recent CBN policy directive to raise Tier 1 and 2 Banks capital base to N500bn and N200bn respectively, it is imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence, and thorough analysis.
“We are currently unable to provide a comprehensive commentary on the policy without access to the full details and context surrounding the CBN’s decision.
“As such, we intend to engage in consultations with our stakeholders and await the disclosure of the complete policy framework from the CBN and the government.
“This approach is essential to ensure a well-informed response that considers the intended macroeconomic objectives that the capitalization increase seeks to address,”.
Oye in the statement, added that NACCIMA refrains from offering opinion on the policy until a thorough understanding of the objectives and implications are outlined by the regulatory authorities.