CBN Confirms 32 Banks Meet Revised Capital Threshold

The Central Bank of Nigeria(CBN) has disclosed that as of March 17, 2026, 32 banks have met new capital requirements., with about 28 per cent of recapitalisation investments coming from foreign sources.

The governor of Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, disclosed this at the CBN special day at the ongoing 37th Enugu International Trade Fair.

Cardoso, who was represented by Mrs Sidi Ali Makama, Acting Director Corporate Communications and investor Relations Department, CBN, disclosed that the Bank is transitioning to inflation targeting, which is a significant shift towards a more transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability.

The CBN boss further disclosed that the policy will also help shape market expectations and limit the disruptive effects of supply-side shocks.

“It is gratifying to note that these reforms, anchored in orthodox monetary policy, institutional transparency, and market-driven foreign exchange frameworks, have earned the CBN the Central Bank of the Year 2026 Award from the Central Banking Awards Committee, London. The award is part of the Committee’s celebration of excellence among central banks worldwide.

“Collectively, these reforms have increased transparency, supported disciplined price discovery, and strengthened the transmission of monetary policy,” he said.

He stated that the fight against inflation has been steadfast, and the tight monetary policy stance the Bank adopted has played a key role in reducing headline inflation from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026.

“Going forward, the Central Bank of Nigeria’s strategic priorities for 2026 include: strengthening the banking system; ensuring durable price stability, modernising payments and promoting financial inclusion: fostering responsible fintech innovation; enhancing institutional capacity and operational efficiency; and deepening partnerships.

“I wish to emphasise that the Central Bank of Nigeria remains dedicated to providing timely, credible, and reliable information. Therefore, we urge members of the public to rely solely on information disseminated through the Bank’s official and verifiable communication channels.

“The Bank also reaffirms its steadfast commitment to maintaining economic stability, advancing structural reforms, and enhancing collaboration with key institutional stakeholders and partners, such as you, present here today.

“We are also committed to ensuring the supply of clean currency notes in the appropriate mix, while calling on all Nigerians to see the Naira as a critical symbol of our national identity. Please respect it, do not hawk, mutilate, counterfeit or spray it. Always keep the Naira clean,” he stated.