The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Tuesday disclosed that 20 deposit money banks have met the new minimum capital requirements under the ongoing recapitalisation programme introduced in 2024.
Cardoso made this known while presenting the communiqué from the 304th meeting of the apex bank’s Monetary Policy Committee in Abuja.
The CBN had in March 2024 unveiled a sweeping recapitalisation framework, directing banks to shore up their capital bases within 24 months as part of efforts to strengthen the financial system and enhance its capacity to support economic growth.
The exercise, which commenced on April 1, 2024, will end on March 31, 2026.
Providing an update, Cardoso said 33 banks had so far raised additional capital, with 20 of them already meeting the new regulatory thresholds.
He said, “With regard to the ongoing recapitalisation programme, of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirement.
This reaffirms steady progress towards a more robust and well-capitalised financial system.”
He added that the MPC reiterated the strategic importance of the exercise and urged the apex bank to ensure its seamless completion, noting that a stronger capital base would reinforce financial system resilience and boost the sector’s ability to support sustainable economic growth and price stability.
Under the new capital regime, commercial banks with international licences are required to raise a minimum capital of N500bn.
Those with national licences must meet N200bn, while regional commercial banks are expected to raise N50bn.
Merchant banks are required to have a minimum capital base of N50bn. Non-interest banks with national licences must meet N20bn, while those with regional licences are expected to raise N10bn.
The CBN had clarified that only paid-up share capital and share premium qualify as capital under the framework, excluding retained earnings and other reserves.
Meanwhile, Cardoso disclosed that Nigeria’s gross external reserves rose to $50.45bn as of February 16, 2026 — the highest level recorded in 13 years.
According to him, the reserve position provides an import cover of 9.68 months for goods and services, a development analysts say could strengthen investor confidence and support exchange rate stability.
The recapitalisation drive comes amid broader efforts by the apex bank to stabilise the financial system and position the banking sector to better withstand external shocks.
(NAN)
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