Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele who disclosed this while unveiling his agenda for his second term in office on Monday said details of the recapitalisation would be worked out. He recalled that when banks’ capitalisation was raised from N2 billion to N25 billion in 2006, it was the equivalent of $200 million. With exchange rate currently at around 360 units to the dollar, however, Emefiele said the capitalisation had depreciated to less than $75 million. “We would continue to operate a managed float exchange rate,” he said. Last month, Emefiele became the first central bank governor to get a second term, after newly re-elected President Muhammadu Buhari nominated him, a sign of policy continuity.

Source: Nigerian Tribune June 24, 2019 11:47 UTC