The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that eight Nigerian banks have successfully surpassed the apex bank’s recapitalization requirements, well ahead of the March 31, 2026, deadline.
Cardoso made this disclosure on Tuesday during the press briefing that followed the 301st Monetary Policy Committee (MPC) meeting in Abuja.
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Although the CBN governor did not reveal the names of the banks, he noted that one of the financial institutions raised a substantial amount of capital through the London Stock Exchange, a development he said underscores growing international investor confidence in Nigeria’s banking sector.
- “Already, eight banks have surpassed the minimum required,” Cardoso stated.
- “We have one bank that has raised a significant amount of money in the London Stock Exchange. There is a lot of interest internationally in putting money into the Nigerian financial system. The key thing is that we, as regulators, will continue to play our part.”
CBN’s Monetary Policy and Naira Stability
Cardoso also confirmed that the Monetary Policy Rate (MPR) will be maintained at 27.50 percent, a move aimed at stabilizing the financial system amid global economic uncertainties.
He added that Nigerians are showing renewed confidence in the naira, which stood at ₦1,532.54 per dollar as of Monday.
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Background on Recapitalization
In March 2024, the CBN announced new minimum capital requirements for banks, setting March 31, 2026, as the compliance deadline. The recapitalization policy is part of efforts to strengthen the financial system, ensure stability, and improve the capacity of banks to finance large-scale projects.
Quick Facts
- Number of Banks Meeting Requirement: 8 (names not disclosed).
- Deadline: March 31, 2026.
- MPR: Maintained at 27.50%.
- Naira Value: ₦1,532.54 per USD.
- Capital Raised Abroad: One bank secured funds via the London Stock Exchange.
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