The Central Bank of Nigeria (CBN) has revealed that 16 banks have met its recapitalisation threshold, marking regular progress within the trade’s efforts to strengthen stability sheets and adjust to new regulatory necessities forward of the March 2026 deadline.
CBN Governor Olayemi Cardoso disclosed the event on Tuesday throughout a press briefing on the finish of the Financial Coverage Committee (MPC) assembly in Abuja.
The up to date determine displays an enchancment from the 14 banks that had met the minimal capital requirement as of the final MPC assembly in September, signalling what the {Bank} described as rising compliance throughout the sector.
“The committee famous with satisfaction the sustained resilience of the banking system, with most {financial} soundness indicators remaining inside regulatory thresholds,” Cardoso mentioned.
He added that MPC members “acknowledged the substantial progress within the ongoing recapitalisation program, with 16 banks reaching full compliance with the revised capital necessities. The committee thus urged the {Bank} to make sure a profitable implementation and conclusion of this system, amongst different home developments.”
The CBN additionally applauded the synergy between fiscal and financial authorities, which it mentioned contributed to Nigeria’s current sovereign credit standing improve by main businesses and the delisting of the nation from the {Financial} Motion Activity Pressure (FATF) gray checklist.
“Members acknowledged that these optimistic developments would additional increase investor confidence and enhance capital flows to the economic system,” the assertion added.
The recapitalisation programme, introduced final yr, is a part of the CBN’s broader technique to strengthen the resilience of Nigeria’s {financial} system, strengthen banks’ capability to soak up {economic} shocks, and improve their capability to help rising credit score wants throughout sectors of the economic system.
CBN retained the Financial Coverage Price (MPR) at 27%, sustaining its tight financial stance as a part of ongoing efforts to rein in inflation and stabilise the overseas alternate market.
The MPR, which serves because the benchmark rate of interest for the economic system, has remained elevated because the CBN continues its aggressive measures to curb rising costs and restore investor confidence.
Cardoso defined that the committee’s alternative to carry the speed displays its evaluation that present financial circumstances are starting to yield optimistic outcomes. He famous the gradual moderation in headline inflation and improved FX market liquidity as indicators that the tightening measures are working.
He added that though inflationary pressures persist, sustaining the MPR at 27 % offers essential help for sustaining the downward motion in costs whereas anchoring expectations within the {financial} markets.
The recapitalisation train is among the most bold reforms by the CBN in recent times, with the aim of positioning Nigerian banks to compete extra successfully within the international {financial} system.
