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The Central Bank of Nigeria (CBN), has introduced sweeping
banking sector reforms to promote a diversified, strong
and reliable banking sector. Nigeria's goal is to be a competitive
player both in the African and global financial systems.
Nigeria has eighty-nine banks many of which have a capital
base of less than US$ 10 million.The CBN has stipulated
all banks that have other banks as subsidiaries or have
common ownership are encouraged to merge. Consolidation
is the new path for the Banking Sector in Nigeria.
While the Nigerian economy is one of the largest in Africa,
the country's reserves are still deposited in foreign Banks
due to the low capacity of the local Banks. Most Banks in
Nigeria have a capital base of less than 10 million Dollars.
The CBN has become proactive in strategically placing Nigerian
Banks to become active players in the emerging global economy.
In dealing with disclosure, the CBN decided that by the
end of December 2005, the names of Banks that meet up with
a minimum capital base would be published. The idea is to
enable potential depositors have enough information about
the status of the Banks.
The banks have since started to comply with the consolidation
process initiated by the CBN. They have also taken active
steps towards increasing their capital base to and over
the required minimum.The main objective of these changes
is to push forward the Nigerian economy and strengthen the
existing banking system.
Press
Legislation
Monetary,
Credit, Foreign Trade and Exchange Policy Guidelines
applicable to banks and other financial institutions in
Nigeria in the 2000 fiscal year are outlined in this circular.
Contact
Central Bank of Nigeria
Zaria Street, Garki,
Abuja, Nigeria.
Tel (234) 09 2342132-4, 234332-6
Fax (234) 09 23435363
Email info@cenbank.org
Web: www.cenbank.org
Central Bank of Nigeria
Tinubu Square
Private Mail Bag 12194
Lagos, Nigeria
Tel 234 1 266 0100
Fax 234 1 261 7005
Highlights
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Nigeria