The CBN reports strong bank recapitalisation progress as 27 banks raise funds and many meet new capital thresholds

According to the Governor of the Central Bank of Nigeria, Olayemi Cardoso, bank recapitalisation progress is moving firmly on track as lenders push to meet the new capital thresholds ahead of the March twenty twenty six deadline.

Also read: Olayemi Cardoso Reports Nigeria’s Trade Surplus at 6% of GDP

Cardoso, speaking at the sixtieth Bankers Dinner of the Chartered Institute of Bankers of Nigeria, revealed that twenty seven banks have entered the market to raise fresh funds.

He noted that sixteen institutions have already met or exceeded the required capital levels, a development he described as a powerful sign of resilience in the financial sector.

In his remarks, the governor explained that the recapitalisation exercise is shaping a stronger and more transparent banking landscape.

He stated that key financial indicators remain sound and confirmed that stress testing results continue to support confidence in the system.

Cardoso added that the credit risk framework is being redesigned to ensure higher governance standards and firmer accountability.

The CBN governor highlighted the significant expansion in microfinance lending, which grew by more than fourteen percent this year.

He said digital credit has reached over one point two million small enterprises, pointing to a deepening financial ecosystem that supports smaller businesses across the country.

Commenting on the broader economy, Cardoso maintained that Nigeria is now better positioned to withstand external shocks. He referenced reforms such as the single market driven exchange rate regime and enhanced risk based supervision.

He said these measures have boosted resilience in the face of volatile oil prices and global sentiment shifts.

Cardoso reported that external reserves, which reached forty six point seven billion dollars by mid November, are growing organically through improved market operations and rising non oil exports rather than external borrowing.

He described this as a crucial milestone for long term stability.

The event also featured remarks from CIBN President Pius Olanrewaju, who praised the sector for its role in Nigeria’s economic recovery.

He said that the recapitalisation programme continues to lift investor confidence and strengthen the ambition of building a one trillion dollar economy by twenty thirty.

Oliver Alawuba, the chairman of the Body of Bank Chief Executives, urged the industry to expand credit to youth enterprises, small businesses, women and the creative sector.

Also read: 14 banks meet CBN recapitalisation requirement – Cardoso

He stressed that responsible lending and ethical conduct remain essential for sustained growth. He also assured Nigerians that banks are fully prepared to maintain smooth operations throughout the festive season.