The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso on Tuesday said that eight commercial banks have fully met their recapitalisation requirements, while others are making progress to meet the deadline.
Speaking at a press briefing after the two-day Monetary Policy Committee (MPC) meeting in Abuja, Cardoso, disclosed that several banks had made significant progress in strengthening their capital base to align with the new regulatory threshold.
“The MPC noted that eight banks have fully met the recapitalisation requirements, while others are making progress towards meeting the deadline,” Cardoso announced.
Cardoso explained that the ongoing recapitalisation initiative is helping to reinforce the sector’s resilience, with key Financial Soundness Indicators (FSIs) showing sustained stability.
The CBN launched the current banking sector recapitalisation programme in March 2024 to increase the minimum capital base of commercial banks to N500 billion.
The policy, according to the apex bank, is designed to ensure financial system stability, strengthen banks’ capacity to finance large-scale economic projects, and align with global standards of risk-based supervision.
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