20 Banks Meet Recapitalisation Requirements—CBN

Nigeria’s banking sector is making strong progress in the Central Bank of Nigeria’s (CBN) recapitalisation drive, with 20 banks now fully compliant, CBN governor, Olayemi Cardoso announced on Tuesday.

Cardoso disclosed this during a press conference marking the Monetary Policy Committee’s (MPC) first meeting of 2026, where he also highlighted positive developments in the nation’s foreign reserves.

He stated that gross foreign reserves have climbed to a 13-year high of $50.4 billion as of mid-February 2026—enough to cover 9.68 months of imports.

Additionally, the governor noted that 33 banks have raised funds as part of the ongoing recapitalisation exercise, signaling robust capital mobilization across the sector.

…Details later