The Central Bank of Nigeria (CBN) has revealed that 16 banks have met its recapitalisation threshold, marking steady progress in the industry’s efforts to strengthen balance sheets and comply with new regulatory requirements ahead of the March 2026 deadline.
CBN Governor Olayemi Cardoso disclosed the development on Tuesday during a press briefing at the end of the Monetary Policy Committee (MPC) meeting in Abuja.
The updated figure reflects an improvement from the 14 banks that had met the minimum capital requirement as of the last MPC meeting in September, signalling what the Bank described as growing compliance across the sector.
“The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds,” Cardoso said.
He added that MPC members “acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with the revised capital requirements. The committee thus urged the Bank to ensure a successful implementation and conclusion of the program, among other domestic developments.”
The CBN also applauded the synergy between fiscal and monetary authorities, which it said contributed to Nigeria’s recent sovereign credit rating upgrade by major agencies and the delisting of the country from the Financial Action Task Force (FATF) grey list.
“Members acknowledged that these positive developments would further boost investor confidence and improve capital flows to the economy,” the statement added.
The recapitalisation programme, announced last year, is part of the CBN’s broader strategy to reinforce the resilience of Nigeria’s financial system, strengthen banks’ capacity to absorb economic shocks, and enhance their ability to support rising credit needs across sectors of the economy.
CBN retained the Monetary Policy Rate (MPR) at 27%, maintaining its tight monetary stance as part of ongoing efforts to rein in inflation and stabilise the foreign exchange market.
The MPR, which serves as the benchmark interest rate for the economy, has remained elevated as the CBN continues its aggressive measures to curb rising prices and restore investor confidence.
Cardoso explained that the committee’s choice to hold the rate reflects its assessment that current monetary conditions are beginning to yield positive results. He noted the gradual moderation in headline inflation and improved FX market liquidity as indicators that the tightening measures are working.
He added that although inflationary pressures persist, maintaining the MPR at 27 percent provides necessary support for sustaining the downward movement in prices while anchoring expectations in the financial markets.
The recapitalisation exercise is one of the most ambitious reforms by the CBN in recent years, with the goal of positioning Nigerian banks to compete more effectively in the global financial system.