CBN Confirms 14 Banks Meet New Capital Benchmark in Nigeria

The Central Bank of Nigeria (CBN) confirmed that 14 banks have met the new capital requirements set in the ongoing recapitalization exercise. CBN Governor Yemi Cardoso announced this during the 302nd Monetary Policy Committee (MPC) meeting in Abuja, highlighting the significant progress made in strengthening the banking sector through recapitalization.

The new capital thresholds, set earlier in the year, require commercial banks to hold N500 billion for international licenses, N200 billion for national licenses, and N50 billion for regional licenses. The MPC commended the banks for meeting the requirements and urged the CBN to continue implementing policies to ensure the successful completion of the exercise, emphasizing the resilience and soundness of the banking system.