The Central Bank of Nigeria has announced that 16 banks have now met its recapitalisation requirements.

CBN Governor Olayemi Cardoso shared this update, noting an increase from the 14 compliant banks reported in September.

This signals steady progress as the industry works to meet the March 2026 deadline.

“The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds,” Cardoso said.

He added that MPC members “acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with the revised capital requirements. The committee thus urged the Bank to ensure a successful implementation and conclusion of the program, among other domestic developments.”

The CBN also credited the strong collaboration between fiscal and monetary authorities for Nigeria’s recent sovereign credit rating upgrade and its removal from the FATF’s “grey list.”

“Members acknowledged that these positive developments would further boost investor confidence and improve capital flows to the economy,” the statement added.

The recapitalisation program aims to strengthen Nigeria’s financial system. By ensuring banks have more capital, it will help them absorb economic shocks and increase lending to key sectors of the economy.

The Central Bank of Nigeria has held its benchmark interest rate, the Monetary Policy Rate, at 27.5 per cent, maintaining a tight monetary policy to further curb inflation and stabilize the foreign exchange market.

CBN Governor Olayemi Cardoso stated that the decision to hold the rate reflects the Monetary Policy Committee’s view that the current aggressive measures are producing positive results.

He pointed to a gradual decline in headline inflation and improved liquidity in the foreign exchange market as evidence that the policy is effective.

While acknowledging that inflationary pressures continue, Cardoso emphasized that keeping the MPR at its current level is essential to sustain the downward trend in prices and anchor market expectations.

In a related effort to fortify the financial sector, the CBN is proceeding with one of its most ambitious recent reforms: a major bank recapitalization exercise.

This initiative is designed to enhance the resilience of Nigerian banks and position them to compete more effectively within the global financial system.