The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that 16 commercial banks have successfully met the new minimum capital requirements, four months ahead of the March 2026 deadline.
The disclosure was made on Tuesday at the conclusion of the two-day Monetary Policy Committee (MPC) meeting in Abuja. The figure represents an increase from the 14 banks that had achieved compliance by September 2025, indicating accelerating momentum in the ongoing recapitalisation exercise.
Speaking to journalists after the meeting, Cardoso described the development as evidence of the banking sector’s growing strength and readiness to support Nigeria’s economic recovery. “The MPC noted with satisfaction the sustained resilience of the banking system,” he said, adding that the committee urged the CBN to ensure the programme is completed successfully.
Among the banks that have already met the revised capital thresholds are Access Bank, Zenith Bank, Guaranty Trust Bank, Wema Bank, Jaiz Bank, and Stanbic IBTC, according to industry sources.
The recapitalisation programme, launched in March 2024, requires internationally authorised commercial banks to raise their share capital to a minimum of ₦500 billion, while those with national authorisation must reach ₦200 billion. The initiative aims to create stronger, better-capitalised institutions capable of financing large-scale projects, withstanding economic shocks, and competing more effectively on the African and global stages.
The CBN also highlighted recent positive developments, including Nigeria’s improved sovereign credit ratings by international agencies and the country’s removal from the Financial Action Task Force (FATF) grey list. These milestones, the apex bank said, reflect successful coordination between monetary and fiscal authorities and are expected to attract greater foreign capital inflows.
On monetary policy, the MPC voted unanimously to keep the Monetary Policy Rate (MPR) unchanged at 27.00 per cent. Cardoso explained that the decision was informed by signs that previous rate hikes are gradually curbing inflation and stabilising the foreign exchange market, while maintaining the current stance will help sustain these gains.
Analysts say the combination of a stronger banking sector, improving macroeconomic indicators, and sustained monetary tightening positions Nigeria’s financial system for greater stability in 2026 and beyond.
