Nigeria’s Banking System Demonstrates Resilience Amid Economic Challenges
The Central Bank of Nigeria (CBN) has reaffirmed the strength and resilience of the country’s banking system, even in the face of ongoing economic challenges. This statement was made during the CBN Special Day at the 20th Abuja International Trade Fair, where Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications, emphasized the bank’s commitment to maintaining financial stability.
Mrs. Sidi-Ali was represented by Mr. Ibrahim Abbas, Head of the Communication Management and Strategy Division. She highlighted that the CBN has been implementing various measures to safeguard the financial system and address vulnerabilities within the economy. According to her, most financial soundness indicators are currently within prudential benchmarks, and banks are meeting recapitalisation targets set by the regulator.
“Most financial soundness indicators remain within their respective prudential benchmarks. The CBN has also addressed pockets of macroeconomic challenges confronting the Nigerian economy, ensuring that the banking system remains robust and resilient,” she said.
She noted that as of recent disclosures, fourteen banks have met their recapitalisation requirements. The CBN is closely monitoring the remaining banks to ensure the successful completion of this process.
Economic Sustainability and Financial Stability
Sidi-Ali underscored that the sustainability of the Nigerian economy depends on a strong financial system, a stable foreign exchange market, and collaboration between monetary and fiscal authorities. She pointed to positive results from the CBN’s efforts, including an increase in Nigeria’s external reserves to $43.05 billion as of September 11, 2025, up from $40.51 billion at the end of July.
In addition to these achievements, the CBN is focused on reforms aimed at diversifying the country’s economy through non-oil exports and strengthening investor confidence. One such initiative is the Payments Systems Vision 2028, which seeks to broaden financial inclusion, improve security, and make transactions more efficient.
Emphasizing the Value of the Naira
On the topic of currency, Sidi-Ali called on Nigerians to protect the naira, describing it as a symbol of national identity. She urged citizens to respect the currency, keep it clean, and avoid actions such as spraying, hawking, mutilating, or counterfeiting it.
“We encourage you to be ambassadors of the Bank’s clean Naira notes, as the CBN cannot do it alone. Our naira, our pride,” she said.
She also assured stakeholders that the CBN will continue to protect bank customers, support the microfinance sector, and sustain innovations in the payment system.
Role of the CBN in Private Sector Growth
Earlier, Emeka Obegolu, President of the Abuja Chamber of Commerce and Industry, who was represented by Agabaidu Jideani, Director-General of the Chamber, described the CBN as a vital enabler of private sector growth. He stressed that the bank’s policies and interventions remain critical for business sustainability in the country.
He noted that over the years, the CBN has played a central role in shaping the nation’s financial landscape. Beyond its regulatory responsibilities, the bank has consistently supported businesses through credit facilities, intervention funds, foreign exchange management, and financial inclusion strategies.
According to him, these efforts have helped many enterprises, especially micro, small, and medium enterprises, to remain competitive. He highlighted reforms introduced in 2025, including the rollout of the Open Banking Framework, the expansion of contactless payments, and the introduction of a regulatory sandbox for fintechs.
These initiatives are providing businesses with easier access to finance, safer payment channels, and greater forex transparency.
Commitment to Youth Empowerment and Sectoral Interventions
The chamber also commended the CBN’s commitment to youth empowerment, capacity building, and sectoral interventions in agriculture, housing, healthcare, and education. These measures are helping to reduce barriers to doing business and de-risk sectors that are critical for private investment.
The Abuja Chamber of Commerce and Industry called for stronger collaboration between the CBN and the organised private sector to accelerate inclusive growth.
