The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said 20 banks have fully met the new minimum capital requirements, while 13 others are on course to meet the threshold ahead of the March 31 deadline. He disclosed that banks have so far raised N4.05 trillion through a mix of domestic and foreign instruments.
Cardoso spoke in Abuja after the 304th meeting of the Monetary Policy Committee (MPC), expressing confidence that the recapitalisation process is progressing steadily and will be completed within the stipulated timeline. He noted that some institutions are still finalising their plans and exploring strategic options, including possible consolidation.
As of February 19, verified and approved capital raised stood at N4.05 trillion. Of the total, N2.90 trillion, representing about 71.6 per cent, was mobilised locally, while $706.84 million, equivalent to N1.15 trillion or 28.33 per cent, came from foreign investors.
Cardoso said the balance between domestic and foreign participation reflects broad investor engagement and growing confidence in Nigeria’s banking sector. He added that foreign investors had earlier shown strong interest during engagements with international investment communities.
He also addressed concerns about banks under regulatory intervention, explaining that such institutions may not follow the same recapitalisation timeline due to legal and structural challenges. He assured that depositor funds remain secure and that affected banks continue to operate under close regulatory supervision.
At the meeting, the MPC reduced the Monetary Policy Rate from 27 per cent to 26.5 per cent, marking the second rate cut in five months. The decision, Cardoso said, was based on a balanced assessment of risks and signs that the disinflation trend would likely continue.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, welcomed the rate cut, saying it signals rising confidence in macroeconomic stabilisation. He noted that lower rates would reduce government borrowing costs, improve access to credit for businesses, support investment and job creation, and reinforce investor confidence in ongoing economic reforms.
