Monetary Stability: 20 Banks meet new capital requirements for recapitalisation –CBN

*Dr. Yemi Cardoso, Governor of the Central Bank of Nigeria, explains how 20 of the 33 banks have met the new capital requirement, stating the development reaffirms ‘steady progress towards a more robust and well-capitalised financial system’

Isola Moses | ConsumerConnect

As the country’s financial institutions brave for the mandatory minimum recapitalisation requirements, the Central Bank of Nigeria (CBN) Tuesday, February 24, 2026, disclosed 20 banks already met the new capital requirement.

ConsumerConnect reports Dr. Yemi Cardoso, Governor of CBN, revealed this development at a media briefing in Abuja, FCT.

Dr. Yemi Cardoso, Governor of CBN

The Governor of CBN presented the communiqué from the 304th meeting of the Bank’s Monetary Policy (MPC).

It is recalled that the banking sector regulator, March 2024, had announced a major bank recapitalisation programme, requiring Nigerian commercial banks to raise higher capital bases within 24 months.

The recapitalisation exercise commenced April 1, 2024, and the Bank fixed the deadline for full compliance for March 31 this year.

The Bankers’ Bank also said the move is to make the financial sector of the economy stronger, more resilient, and able to support economic growth towards the Federal Government’s projected $1 trillion economy.

The CBN also directed that under the framework, banks must meet higher capital thresholds based on their licence type; and capital must be in paid-up share capital and share premium only (not reserves or retained earnings).

According to the regulator, commercial banks with international licences are required to raise a minimum capital of N500 billion.

However, commercial banks with national licences have N200 billion requirement, while those with regional licenses have N50 billion.

Merchant banks have a minimum capital requirement of N50 billion, Non-interest banks with national licences have N20 billion, and non-interest banks with regional licence N10 billion.

20 banks meet new minimum capital requirement, says Cardoso

Revealing the progress recorded in the ongoing bank recapitalisation exercise, Cardoso disclosed that out of the 33 banks that have raised additional capital, 20 financial institutions have met the new minimum capital requirement.

He said: “This has reaffirmed steady progress towards a more robust and well-capitalised financial system.

“The MPC reiterated the strategic importance of the recapitalisation exercise and urged the CBN to ensure its successful completion.

“This would reinforce financial system resilience and enhance the sector’s capacity to support sustainable economic growth, price, and other domestic developments.”

The CBN Chief further said the West African country’s gross external reserves increased significantly to $50.45 billion as of February 16, said to be the highest in 13 years.

Cardoso asserted: “This provides an import cover of 9.68 months for goods and services.”

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