The Central Bank of Nigeria (CBN) has announced that eight commercial banks have fully met the new minimum capital requirements under its ongoing recapitalisation programme, while several others are making notable progress toward meeting the March 31, 2026 deadline.
CBN Governor, Dr. Olayemi Cardoso, disclosed this on Tuesday, July 22, 2025, during a press briefing at the conclusion of the Monetary Policy Committee (MPC) meeting held at the apex bank’s headquarters in Abuja.
“The MPC noted that eight banks have fully met the recapitalisation requirements, while others are making progress towards meeting the deadline,” Cardoso stated.
The recapitalisation exercise, which was introduced in March 2024, redefined the minimum capital base for banks as comprising only paid-up share capital and share premium—effectively excluding retained earnings and other reserves. Under the new framework: Commercial banks with international licenses are required to raise ₦500 billion; Those with national licenses must meet a threshold of ₦200 billion.
Despite the exclusion of existing reserves from qualifying capital, banks have made remarkable strides. In 2024 alone, the industry recorded over ₦2 trillion in capital raises, with several banks reporting oversubscription of their public offers.
However, with less than nine months to the March 2026 deadline, even some tier-1 banks are gearing up for fresh capital raising exercises in late 2025 to close remaining gaps.
Governor Cardoso emphasized that the recapitalisation initiative is critical to reinforcing the resilience of Nigeria’s financial system, enhancing banks’ capacity to finance large-scale projects, and aligning the sector with global risk-based supervisory standards.
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“The recapitalisation initiative is already reinforcing sector resilience, with key Financial Soundness Indicators showing sustained stability,” he noted.
At the MPC meeting, the Committee unanimously voted to maintain existing monetary policy parameters in order to consolidate recent gains in disinflation and ensure macroeconomic stability. The retained policy rates include: Monetary Policy Rate (MPR): 27.50%; Cash Reserve Ratio (CRR): 50.00% for Deposit Money Banks; 16.00% for Merchant Banks; Liquidity Ratio: 30.00%
Cardoso explained that holding the rates steady was a strategic move to “sustain the momentum of disinflation and sufficiently contain price pressures,” especially as inflation dynamics continue to improve gradually.
“We will continue to use every tool available—MPR, CRR, and ensuring an efficient foreign exchange market—to bring down inflation to significant levels,” he added.
Reacting to the MPC’s decisions, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), said the decision to hold rates was expected due to persistent inflationary pressures.
“As long as inflation has not significantly moderated, it is unlikely that the CBN will cut rates,” Yusuf stated. Although headline inflation eased slightly to 22.22%, he pointed out that core, food, and month-on-month inflation rates continued to climb—fueled by energy costs, exchange rate volatility, logistics challenges, and insecurity.
He, however, urged the apex bank to find ways of reducing borrowing costs for the real sector, warning that interest rates above 30% remain stifling for small businesses and long-term investments.
In a similar vein, the Nigeria Employers’ Consultative Association (NECA) applauded the CBN’s consistency in monetary policy. NECA Director-General, Adewale-Smatt Oyerinde, noted that a cautious monetary approach is necessary to protect recent economic gains and foster long-term macroeconomic balance.
“We commend the CBN’s consistency in policy implementation, which is critical to restoring investor confidence and sustaining economic stability,” he said.