Nigeria’s banking sector is entering a new phase of stability and resilience as the Central Bank of Nigeria (CBN) confirms that 16 lenders have successfully met the revised minimum capital base requirements. The announcement was made by CBN Governor Olayemi Cardoso during the 303rd Monetary Policy Committee (MPC) meeting, where he also revealed that 27 other banks are actively raising capital to meet the March 2026 deadline.
Cardoso emphasized that the ongoing recapitalization exercise is already strengthening the financial system, noting that Nigeria’s banking landscape remains “resilient” despite wider economic reforms. According to him, stability is the foundation for long-term prosperity.
“After stability comes investment, and after investment comes growth. What we need is sustained, enduring growth, not short-term gains,” he said. He added that recent quarters have shown positive sectoral performance, and the current stability is boosting investor confidence in Nigeria’s financial ecosystem.
CBN Holds Interest Rate, Pushes for More Liquidity at ATMs
The announcement came as the CBN retained the Monetary Policy Rate (MPR) at 27.5%, maintaining its tight monetary stance. Cardoso also encouraged banks to improve liquidity and ensure that ATMs across the country are adequately stocked with cash—a move aimed at improving customer experience and easing pressure on the financial system.
Breakdown of the Revised Capital Requirements
The new minimum capital thresholds were introduced in March 2024 and became effective on April 1, 2024. They are as follows:
- ₦500 billion for banks with international authorization
- ₦200 billion for national banks
- ₦50 billion for regional banks
The recapitalization drive is designed to strengthen banks against economic shocks, enhance system resilience, and improve the industry’s ability to fund growth, financial inclusion initiatives, and Nigeria’s broader development goals.
According to the CBN, banks can meet these requirements through a variety of approaches, including
- Raising fresh equity capital via rights issues or private placements
- Issuing new shares
- Engaging in mergers and acquisitions
- Consolidating operations
Banks That Have Met the New Capital Threshold
So far, the following financial institutions have met their recapitalization targets:
- Access Holdings
- Zenith Bank
- GTBank (GTCO)
- Ecobank
- Stanbic IBTC
- Wema Bank
- Providus Bank
- Globus Bank
- Premium Trust Bank
- Greenwich Merchant Bank
- Jaiz Bank
- Lotus Bank
More banks are expected to join the list in the coming months. For example, FirstBank HoldCo is raising ₦350 billion through a private placement in H2 2025, aiming to hit a total paid-up capital of ₦748 billion. Fidelity, FCMB, and Sterling Bank are also in various stages of recapitalization.
Banks have until March 2026 to fully comply with the new requirements.
CBN Tightens the Screws: More Changes Ahead for Nigerian Banks
In addition to recapitalization, the CBN is introducing broader reforms to enforce discipline and accountability. One recent proposal includes stricter sanctions for repeat issuers of dud checks, including an automatic five-year ban for each repeated offense. Financial institutions will now be required to report dishonored checks to the Credit Risk Management System and private credit bureaus within one hour of confirmation.
These reforms underline the CBN’s commitment to strengthening the sector, protecting consumers, and ensuring that Nigerian banks remain robust in a rapidly changing economic environment.
