The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that 27 banks have sought to raise additional capital from the market since the new recapitalisation exercise commenced.
In March 2024, the CBN mandated new capital thresholds, requiring commercial banks to significantly increase their capital bases. International banks must reach ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion. In response, Nigerian banks have been actively raising funds to meet these new requirements.
In accordance with the new directives, non-interest banks were required to achieve a revised capital base of N20 billion for national authorisation and N10 billion for regional authorization by the March 2026 deadline set by the CBN.
Speaking at the event, Cardoso said, “With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track.
“Several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline. To date, twenty-seven banks have raised capital through public offers and rights issues, and sixteen have already met or exceeded the new requirements — a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector.
“As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust. Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year.”
He added, “Our decisive actions on regulatory forbearance mark another turning point. As recapitalisation progresses, we are redesigning the credit-risk framework to enforce stronger governance, greater transparency, and firmer accountability across the sector.
“We are determined to break the boom-and-bust cycle that has accompanied past recapitalisation efforts. MSMEs remain central to our efforts. This year alone, microfinance lending expanded by over 14 per cent, and new digital-credit products reached more than 1.2 million small enterprises — evidence of the sector’s growing depth and capacity.
“We are improving access to credit, supporting microfinance institutions, and expanding financial products tailored to smaller enterprises.”
Regarding the national economy, the CBN governor stated that Nigeria now possesses a significantly greater capacity to endure external shocks.
“This year’s actions, including the deployment of the Electronic Forex Market Surveillance System, the shift to a single, market-determined foreign exchange rate regime, and enhanced risk-based banking supervision, underscore our track record of reform delivery.
“They have strengthened Nigeria’s capacity to absorb external shocks, from volatile oil prices to shifts in credit-rating sentiment.
“With oil now a smaller share of GDP and fiscal revenue, a sharp oil-price decline would be cushioned by the flexible FX regime, rising non-oil exports, and growing services trade. In short, Nigeria is more resilient to external shocks today than at any point in our recent history.
“The Central Bank of Nigeria will continue to steer monetary policy with discipline, anchored firmly to its core mandate of price stability. Stability remains the bedrock upon which investment flourishes, resources are allocated efficiently, and purchasing power is protected,” he added.
Cardoso emphasized that the increase in the country’s external reserves has been primarily driven by organic sources.
Governor Cardoso stressed that only a united effort can curb the nation’s worsening insecurity.
