The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that eight Nigerian banks have already met the recapitalization requirements set by the apex bank, well ahead of the March 2026 deadline.
Cardoso made this disclosure on Tuesday while addressing journalists after the bank’s 301st Monetary Policy Committee (MPC) meeting in Abuja.
Although the names of the banks were not disclosed, the CBN governor noted that one financial institution successfully raised a substantial amount of capital through the London Stock Exchange, a development he said reflects growing international confidence in Nigeria’s banking sector.
“Already, eight banks have surpassed the minimum required capital,” Cardoso stated. “Let me also say that one of these banks has raised a significant amount of money in the London Stock Exchange. There is a lot of interest internationally in putting money into the Nigerian financial system.”
Cardoso assured that the CBN will continue to play its regulatory role to ensure the soundness and stability of the financial sector.
The announcement came as the MPC retained the country’s benchmark interest rate at 27.50 percent, aiming to maintain tight monetary conditions amid ongoing economic reforms.
The central bank had in March 2024 mandated a new capital threshold for commercial, merchant, and non-interest banks operating in Nigeria, setting a compliance deadline of March 31, 2026. The recapitalization policy aims to strengthen the resilience of the banking sector in line with global best practices.
Meanwhile, the naira traded at N1,532.54 to the dollar on Monday, a movement Cardoso said signals growing public confidence in the local currency.
