The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has said it will consult with stakeholders and await the disclosure of the complete policy framework from the CBN and the government.
This disclosure was made in a statement by the National President of NACCIMA, Dele Oye on Sunday, according to The Punch.
Oye stressed the importance of caution, prudence, and deep analysis in highlighting NACCIMA’s approach to this problem.
Ambusiness had reported that the Central Bank of Nigeria on Thursday introduced new minimum capital requirements for banks, pegging the minimum capital base of commercial banks with international authorisation at N500 billion.
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.
“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.”
The NACCIMA boss added NACCIMA recognises the importance of the policy shift within the banking sector and its likely implications on the broader macroeconomic landscape.
He stated “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. NACCIMA’s dedication to safeguarding the interests of private citizens and promoting the public good remains unwavering.”
In his view, NACCIMA is not yet ready to issue a definitive opinion on the policy in question until a thorough understanding of its objectives and implications has been established by regulators.
The NACCIMA boss noted that “Our organisation stands ready to engage constructively with all relevant parties to facilitate a nuanced and informed discourse on this critical issue.”
In his remark, the Director General of the Nigeria Employers Consultative Association, Mr. Wale Oyerinde, said, “We commend the CBN for its ongoing efforts at repositioning the banking sector to fulfill its critical and core role of economic facilitator.
