September 24, (THEWILL) — The Central Bank of Nigeria (CBN) has confirmed that 14 banks have fully met the new capital requirements under its ongoing recapitalisation exercise.
CBN Governor, Yemi Cardoso, disclosed this on Tuesday while presenting the communiqué from the 302nd Monetary Policy Committee (MPC) meeting in Abuja. He noted that the achievement reflects “significant progress” in strengthening the banking sector.
The recapitalisation, last undertaken in 2004, set fresh thresholds earlier this year: N500 billion for commercial banks with international licences, N200 billion for national, and N50 billion for regional authorisation. Merchant banks are required to meet N50 billion, while non-interest banks must hold N20 billion (national) and N10 billion (regional).
While the MPC acknowledged the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement, they urged the CBN to continue the implementation of policies and initiatives that would ensure the successful completion of the exercise.
“On the financial sector, the MPC noted the continued resilience of the banking system, with most financial soundness indicators remaining within projected benchmarks. Members also acknowledge the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement. The MPC therefore urge the bank to continue the implementation of policies and initiatives that will ensure the successful completion of the ongoing recapitalisation exercise”, said Cardoso.
The MPC also announced a cut in the Monetary Policy Rate (MPR) by 50 basis points from 27.5% to 27%, citing five consecutive months of disinflation and projected declines for the rest of 2025. Other adjustments included lowering the Cash Reserve Ratio (CRR) for commercial banks to 45% from 50%, while merchant banks’ CRR remains at 16%. A 75% CRR was introduced for non-TSA public sector deposits to tighten liquidity.
Nigeria’s external reserves, Cardoso added, stood at $43.05 billion as of 11 September, up from $40.51 billion in July, with an import cover of 8.28 months. The current account surplus also rose to $5.28 billion in Q2 2025, compared with $2.85 billion in Q1.
Cardoso assured that the reforms would boost transparency, financial stability, and economic recovery.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
