Banks have secured N4.05tn in verified and approved capital ahead of the March 31, 2026 recapitalisation deadline set by the Central Bank of Nigeria.

CBN Governor Olayemi Cardoso disclosed this on Tuesday during the Monetary Policy Committee briefing in Abuja, stating, “As of February 19, 2026, total verified and approved capital raise stands at N4.05tn.”

“In summary, 71.67 per cent is domestic mobilisation and 28.33 per cent is foreign participation. This balance, in my view, represents a mix of domestic and foreign, which signals broad investor engagement and confidence in the sector,” Cardoso said.

He noted that he had previously indicated strong foreign investor interest in Nigerian banks. “Several MPCs ago, I did mention that when I went abroad, and I met with some of the investor community, they had a very, very strong interest in investing in banks. So, I’m glad that that has come out in a very positive way,” he stated.

The governor added, “To date, 20 banks have fully met the new minimum capital requirements, and a further 13 are at the advanced stage of their capital raising processes.”

Cardoso expressed confidence that banks still in the process of raising capital would complete it within the stipulated timeframe. He added that some institutions under regulatory intervention were operating under specific legal and structural conditions that affected the sequencing of their recapitalisation efforts.

“We remain, as a Central Bank of Nigeria, actively engaged with all relevant stakeholders to ensure that they have an orderly and credible outcome while maintaining financial stability,” he said.

He reassured depositors that their funds in the affected institutions remain safe, noting that operations are continuing under the close supervisory and regulatory oversight of the Central Bank of Nigeria.

In March 2024, the apex bank directed lenders with international licences to increase their minimum paid-up capital to N500bn, while banks with national authorisation were required to meet a N200bn threshold ahead of the March 31, 2026 deadline.

Regional commercial banks and merchant banks are required to maintain a minimum capital base of N50bn, while non-interest banks must hold N20bn for national licences and N10bn for regional licences under the guidelines of the Central Bank of Nigeria.

The recapitalisation policy is designed to strengthen the resilience of the banking sector, enabling lenders to better support economic growth and withstand potential financial shocks.

On inflation, he dismissed suggestions that the Central Bank of Nigeria could ease its vigilance after the Monetary Policy Committee decided to cut the Monetary Policy Rate by 50 basis points to 26.5 per cent.

“That hasn’t changed, to be frank. Caution is our watchword in the central bank,” he said.

He noted that headline inflation, which stood at about 34 per cent when the current management under assumed office, had declined to slightly above 15 per cent.

He stressed that maintaining the progress would depend on strong collaboration between fiscal authorities and the CBN.

“It will take a lot of discipline from all the stakeholders. This is not something that will be central bank alone,” he said.