The International Monetary Fund (IMF) has in its recent Article IV Consultations on Nigeria, recognised measures taken by the Central Bank of Nigeria (CBN) to strengthen the banking system and recapitalize the banks. The Fund welcomed the CBN’s efforts to enhance financial inclusion and promote capital market growth, while emphasising the need to adopt a robust risk-based supervision for mortgage, consumer lending, fintech and crypto sectors. The bolstering of the reserves, rising market confidence and ongoing stability of the naira represent honest feedback from the Fund on CBN’s strategic output for the domestic economy.
The International Monetary Fund (IMF) on Wednesday gave a strong and honest feedback on the over two years reforms in the Nigeria financial sector.
The feedback came after its visit to Nigeria and release of the Article IV Consultations on the country. The report majorly focused on reforms in the financial services sector and the role played by Olayemi Cardoso-led Central Bank of Nigeria (CBN) to deepen market confidence through improved forex inflows.
