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The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has announced that 14 banks have already met the apex bank’s new capital requirement, well ahead of the March 2026 deadline.
Speaking at the end of the 302nd Monetary Policy Committee (MPC) meeting in Abuja, Cardoso said the achievement highlights the growing resilience of the financial sector, with most key indicators remaining within the CBN’s targets.
In July 2025, only eight banks had reached the target, showing notable progress in just two months.
Cardoso urged the remaining banks to accelerate their recapitalisation plans to ensure full compliance before the deadline.
The recapitalisation policy, introduced last year, is designed to strengthen the banking sector, boost its capacity to finance larger credit needs, and enhance its ability to withstand economic shocks.
The MPC also announced a slight easing of monetary policy. The Committee cut the Monetary Policy Rate (MPR) from 27.5 per cent to 27 per cent and narrowed the asymmetric corridor around the benchmark rate to +250/-250 basis points, down from +500/-100.
Cardoso explained that the adjustments aim to manage liquidity more effectively and send clearer signals to financial markets as inflationary pressures begin to ease.
“These changes reflect a deliberate effort to balance price stability with the need to stimulate economic growth,” he said.
The recapitalisation exercise is one of the most ambitious reforms in the CBN’s recent history.
Commercial banks with international licences are required to raise their capital base to ₦500 billion, while those with national licences must reach ₦200 billion.
