CBN Names 28 Banks Not Allowed to Operate Internationally

The Central Bank of Nigeria (CBN) has listed 28 banks that are not authorized to operate internationally, emphasizing a domestic business focus to enhance the banking sector. The CBN is conducting a recapitalization exercise until March 2026, requiring banks to meet specific capital requirements for operations within Nigeria and abroad.

CBN Governor Cardoso disclosed that 27 banks are in the process of raising capital, with close monitoring to ensure compliance and sector stability.