CBN observes significant progress in N500 billion bank recapitalization exercise  

In March 2024, the CBN increased the minimum capital base for commercial banks with international authorization to N500 billion and national banks to N200 billion.

The apex bank emphasized that all banks must meet the minimum capital requirement within 24 months, commencing from April 1, 2024, and terminating on March 31, 2026.

Speaking at a press conference following the 300th Monetary Policy Committee (MPC) meeting on Tuesday, CBN Governor, Olayemi Cardoso, said the MPC observed continued stability in the banking system.

“The committee reaffirmed the continued stability of the banking system following notable improvements in key performance indicators and observed the appreciable progress in the ongoing recapitalization exercise,” he stated. 

The MPC called on the CBN to continue monitoring the banking industry to ensure compliance with regulatory guidelines.

“Members thus called on the bank to sustain its effective oversight of the industry to ensure compliance with regulatory and macroprudential guidelines.” 

Some commercial banks, including Access Bank and Zenith Bank, have already met the N500 billion capitalization requirement.

Access Bank successfully raised N351 billion in December 2024, while Zenith Bank raised N350.46 billion through a rights issue and public offering in January 2025.

Zenith Bank’s capital base increased to N614.65 billion, achieving 160% capitalization.

The CBN’s MPC also retained the Monetary Policy Rate (MPR) at 27.5%, following its 300th MPC meeting.

The apex bank’s Governor Olayemi Cardoso disclosed that all 12 MPC members voted unanimously to maintain current policy rates. The key monetary policy decisions include: