CBN Confirms 16 Banks Have Met Recapitalisation Target as March 2026 Deadline Nears
The Central Bank of Nigeria (CBN) has confirmed that 16 Nigerian banks have now met the recapitalisation threshold, marking a significant milestone in the sector’s push to strengthen its financial base ahead of the March 2026 compliance deadline. CBN Governor Olayemi Cardoso announced the progress on Tuesday during a press briefing following the Monetary Policy Committee (MPC) meeting in Abuja, describing the development as a sign of growing stability within the banking ecosystem.
Cardoso revealed that the number of fully compliant banks has risen from 14 recorded at the September MPC meeting to 16, underscoring what the Bank calls a “steady and encouraging level of compliance” across the sector. He added that financial soundness indicators remain strong and within regulatory limits, reflecting the banking system’s resilience despite current economic pressures.
The Governor also highlighted the positive collaboration between fiscal and monetary authorities, which he says contributed significantly to Nigeria’s recent sovereign credit rating upgrade and the country’s removal from the Financial Action Task Force (FATF) grey list. According to him, these achievements are expected to boost investor confidence, attract fresh capital inflows, and support the broader recapitalisation objective.
As part of its monetary policy stance, the CBN maintained the Monetary Policy Rate (MPR) at 27 percent—its tightest level yet—as it continues efforts to stabilize the foreign exchange market and curb inflation. Cardoso noted that early signs of easing inflation and improved FX liquidity show that the tightening measures are beginning to pay off, adding that holding the rate steady will help sustain the downward movement of prices.
The recapitalisation programme, introduced in 2024, remains one of the CBN’s boldest reforms aimed at building a stronger and globally competitive banking system. Banks with international licenses are required to raise their capital base to ₦500 billion, while those with national authorization must meet a ₦200 billion minimum. Among the institutions already meeting the threshold are Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC—signaling continued progress as the deadline approaches.
source: nairametrics