Mr Okpozikbo said, “The money was fraudulently taken because some of the suspects we interrogated confessed to that.”
The apex bank said the new benchmark is designed to align Nigeria with global best practices.Â
The CBN directed banks to conduct stress tests to identify vulnerabilities. The directive followed the conclusion of the banking sector recapitalisation.
The deadline brings to a close a two-year recapitalisation process that has reshaped the banking industry.
The CBN governor said the reforms had eliminated distortions in the FX market and improved transparency.
Mr Cardoso said the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
In March 2024, CBN announced a major bank recapitalisation programme requiring Nigerian banks to raise higher capital bases within 24 months.
The naira on Monday opened the week with a gain at the official market, trading at N1,354.25 per dollar.
The naira which has remained relatively stable due to CBN reforms, experienced weeklong gain.
She said that failed transactions occur during network downtime, system glitches, or human input errors.
