The Central Bank of Nigeria (CBN) has confirmed that 16 banks have met its recapitalisation requirement, signaling steady progress toward the March 2026 compliance deadline.
CBN Governor Olayemi Cardoso announced the update on Tuesday during a press briefing monitored by Fintechinsights following the Monetary Policy Committee (MPC) meeting in Abuja. The figure marks an improvement from 14 banks reported at the previous MPC meeting in September, reflecting what the apex bank described as growing alignment with regulatory expectations.
“The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds,” Cardoso said.
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He added that the MPC “acknowledged the substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements.” The committee urged the CBN to ensure a seamless completion of the exercise.
The apex bank credited stronger collaboration between fiscal and monetary authorities for Nigeria’s recent sovereign credit rating upgrade and its removal from the FATF grey list. Cardoso said these outcomes are expected to boost foreign investor confidence and improve capital inflows.
The CBN also voted to retain the Monetary Policy Rate (MPR) at 27%, keeping monetary conditions tight to curb inflation and stabilise the foreign exchange market.
Cardoso said the decision reflects the committee’s assessment that current tightening measures are beginning to take effect, pointing to gradual easing in headline inflation and improved FX liquidity.
While inflation remains elevated, he noted that holding the MPR at 27% helps support the downward trend and anchors market expectations.
The ongoing recapitalisation programme, one of the CBN’s most significant reforms in recent years—is aimed at boosting the resilience of Nigerian banks, strengthening their shock-absorbing capacity, and positioning them to support rising credit demand across key sectors.
Banks that have reportedly met the threshold include Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC.
Under the new capital regime announced in March 2024:
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Banks with international licences must raise their capital base to N500 billion.
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Banks with national licences must raise N200 billion.
The CBN is expected to issue further guidance as the compliance deadline approaches.
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