The Central Bank of Nigeria (CBN) has reaffirmed the strength and resilience of the country’s banking sector despite the challenges posed by the economy. This was disclosed by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, during the 20th Abuja International Trade Fair. She spoke on behalf of Mr. Ibrahim Abbas, Head of Communication Management and Strategy Division at the apex bank.
“Despite the current economic headwinds, our banking system remains solid. The CBN continues to implement measures to ensure financial stability and mitigate vulnerabilities,” said Mrs. Sidi-Ali.
She highlighted that key financial indicators remain within prudential standards and banks have met recapitalization targets set by the regulator. “As recently disclosed by the CBN Governor, fourteen banks have already met their recapitalization requirements. We are closely monitoring the remaining banks to ensure they complete the process successfully,” she explained.
Sidi-Ali also emphasized the vital role of a stable financial system in ensuring the sustainability of the nation’s economy. She pointed to the significant growth in Nigeria’s external reserves, which rose to $43.05bn by September 11, 2025, from $40.51bn in July. Furthermore, the CBN is actively promoting diversification through non-oil exports to strengthen investor confidence.
“Our Payments Systems Vision 2028 is a major initiative aimed at expanding financial inclusion, enhancing security, and improving transaction efficiency,” she added.
In addition, Sidi-Ali urged Nigerians to treat the naira with respect, stating, “The Naira is more than just currency; it is a symbol of our national pride. We urge Nigerians to keep it clean and protect its integrity.”
While reiterating the bank’s commitment to safeguarding customers, Sidi-Ali also noted ongoing support for microfinance institutions and innovative payment systems to ensure continued growth and stability.
The President of the Abuja Chamber of Commerce and Industry, Emeka Obegolu, acknowledged the CBN’s pivotal role in fostering private sector growth. He lauded the CBN’s strategic policies, including the 2025 Open Banking Framework, which has helped businesses access finance more easily and enhanced forex transparency.
“We are calling for even closer collaboration between the CBN and the private sector to accelerate inclusive economic growth,” Obegolu concluded.
