The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture is exercising vigilance and a meticulous approach to the Central Bank of Nigeria’s updated instructions concerning the enhancement of banks’ financial reserves in the country.
In a statement furnished to Africa Today News, New York, on Monday, the association declared its intention to liaise with relevant stakeholders and await the publication of the complete policy framework before formulating a comprehensive response.
In the official response to the CBN’s directive to increase Tier 1 and Tier 2 banks’ capital requirements to N500 billion and N200 billion respectively, NACCIMA’s National President, Dele Oye, stressed the importance of caution and thorough evaluation considering the policy shift’s magnitude within the banking landscape and its potential broader economic implications.
“It is imperative to highlight NACCIMA’s approach to this matter as one of caution, prudence, and thorough analysis.
“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,” Oye said.
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He acknowledged the criticality of maintaining a sturdy banking system while also indicating the association’s incapability to furnish a comprehensive commentary without access to the full details and context concerning the CBN’s decision.
“NACCIMA acknowledges the significance of this policy shift within the banking sector and its potential implications on the broader macroeconomic landscape,” he said.
He added, “While recognising the importance of maintaining a robust banking system, 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.”
Stressing NACCIMA’s commitment to safeguarding the interests of private citizens and promoting the public good, Oye stated, “NACCIMA refrains from offering a definitive opinion on the policy at this moment until a thorough understanding of the objectives and implications are outlined by the regulatory authorities.”
The association added that it remains committed to engaging constructively with all relevant parties to facilitate a nuanced and informed discourse on the critical issue.
“Our organisation stands ready to engage constructively with all relevant parties to facilitate a nuanced and informed discourse on this critical issue,” Oye concluded.