The Central Bank of Nigeria (CBN) says the new banking model is taking root in the country as it has issued merchant banking licence to two institutions one of which is poised to bring in N16 billion into the Nigerian economy.
Speaking at a workshop organised by the Finance Correspondents Association of Nigeria (FICAN) in Ijebu Ode, Ogun State, CBN’s Director Corporate Communications, Ugochukwu Okoroafor, more institutions outside the country have indicated interest in joining the Nigerian financial sector.
The apex bank had last week granted First Securities Discount House Limited (FSDH) and First Rand licences to operate as merchant banks in the country.
According to Okoroafor, “If FirstRand is coming into the country with N16 billion then we are doing something right.” He added that the company was poised to commence operations by early next year.
He further noted that the apex bank had ratified the banking licence of Stanbic IBTC which would commence operations as a holding company.
On the monetary policies, he said the CBN was on top as it has been able to stabilise rates as well as grow reserves which have risen to above two years high. This he said was one of the attractions that have continued to bring foreign funds into the economy.