32 Nigerian Banks Meet Recapitalization Requirements

On Thursday, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed that 32 banks have already met the new capitalization requirements as part of an ongoing recapitalization program ahead of the March 31, 2026 deadline. Speaking at a monetary policy forum in Abuja, Cardoso commended the progress made by these banks, which significantly strengthens the resilience and capacity of the Nigerian banking system.

This development is crucial for mobilizing long-term capital to support investment products and plays a critical role in enabling Nigeria's transition towards a $1 trillion economy. The forum emphasized the importance of consolidating macroeconomic stability amid global and domestic challenges.

Cardoso noted that the CBN's reforms aim to restore discipline and credibility in the financial sector, addressing issues such as inflation, which rose to 29.9% in January 2024, and a backlog in the foreign exchange market. The CBN plans to implement tighter monetary policies and improve market transparency to enhance investor confidence.