Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, has disclosed that 20 out of 33 banks that raised additional capital have met the new minimum capital requirements under the ongoing recapitalisation programme.
Cardoso made this known in Abuja while presenting the communiqué from the apex bank’s 304th Monetary Policy Committee (MPC) meeting.
The recapitalisation programme, announced in March 2024, requires banks to increase their capital base within 24 months, from April 1, 2024, to March 31, 2026, to strengthen the financial system and support economic growth.
Under the framework, international commercial banks must raise N500 billion, national commercial banks N200 billion, regional commercial banks N50 billion, merchant banks N50 billion, national non-interest banks N20 billion, and regional non-interest banks N10 billion. Capital must consist of paid-up share capital and share premium only.
Cardoso said the progress recorded so far signals steady movement toward a more resilient financial system. He added that Nigeria’s gross external reserves rose to 50.45 billion dollars as of February 16, the highest level in 13 years, providing 9.68 months of import cover for goods and services.
