With about six months remaining for banks to meet Nigeria’s new minimum capital requirements, the Central Bank of Nigeria (CBN) has confirmed that 14 banks have now fully complied, up from eight as of July. CBN Governor Olayemi Cardoso made the announcement at the conclusion of the 302nd Monetary Policy Committee (MPC) meeting.
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Governor Cardoso lauded the resilience of the Nigerian financial sector, noting that most financial soundness indicators remain within projected benchmarks. He said the significant progress in the ongoing bank recapitalisation exercise reflects the strength and stability of the banking system.
“Members also acknowledge the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement. They therefore urge the bank to continue the implementation of policies and initiatives that will ensure the successful completion of the ongoing recapitalisation exercise,” Cardoso said.
The governor also highlighted the successful termination of forbearance measures and waivers on single obligors by banks, describing the move as a step that promotes transparency, risk management, and long-term financial stability. He reassured that the removal of these measures is transitory and poses no risk to the banking system’s soundness.
In March 2024, the apex bank raised the minimum paid-up capital for international banks to ₦500 billion, national banks to ₦200 billion, regional banks to ₦50 billion, and non-interest banks to ₦20 billion and ₦10 billion depending on authorisation. The rules exclude retained earnings, compelling banks to raise fresh equity, restructure, or merge to meet the requirements.
The banks that have crossed the recapitalisation threshold include Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Providus Bank, Jaiz Bank, Lotus Bank, Greenwich Merchant Bank, Premium Trust Bank, and Globus Bank.
At the MPC meeting, a 50-basis-point reduction in the Monetary Policy Rate (MPR) was announced, bringing it from 27.50 per cent to 27 per cent to stimulate economic growth and sustain foreign portfolio investments.
Following the MPC decision, the naira appreciated slightly to N1,487.36 per dollar in the official foreign exchange market, compared with N1,488.60 on Monday. In the parallel market, it held steady at N1,515 per dollar. Nigeria’s external reserves rose to $42.13 billion as of September 22, 2025, providing the apex bank with adequate capacity to defend the currency.
Access Bank reduced its FX rate for international payments to N1,515 from N1,529, while BTBank maintained its rate at N1,505 per dollar. Analysts from Coronation Merchant Bank noted that the naira’s performance in recent weeks has been supported by sustained CBN interventions and steady foreign portfolio inflows.
Total foreign exchange inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) window rose to $605 million, up from $550.90 million the previous week. Foreign portfolio investments accounted for the largest share at $251.7 million (41.6 per cent), followed by exporters at 19.72 per cent, non-bank corporates 13.33 per cent, foreign direct investments 8.94 per cent, the CBN 6.10 per cent, and other sources 10.32 per cent.
Gross external reserves also recorded a marginal increase of 0.72 per cent, adding $229.67 million to close at $42.00 billion. Analysts expect the naira to trade within a relatively stable band in the coming weeks, with potential for mild appreciation if foreign portfolio inflows and liquidity support remain sustained.
Reflecting on his two-year tenure as CBN governor, Cardoso described his time in office as “rough” but marked by stability, transparency, and restored confidence in the financial system.
“My two years in office have been rough, especially in the early days when things were in a very bad situation in terms of the macros. Foreign exchange was difficult, investors had taken flight, and confidence in the naira had collapsed,” he said. “But we have moved forward in stabilising the economy. The reforms we have undertaken have been open, transparent, and are now producing results. The numbers speak for themselves.”
Cardoso highlighted the steady growth of Nigeria’s foreign exchange reserves, which recently crossed $42 billion for the first time since 2019, and improved ratings from global agencies as evidence of progress. He also emphasised efforts to build a more transparent and inclusive FX system, stating: “Foreign exchange now goes where it is meant to go – openly and transparently. That credibility is increasingly being recognised internationally.”
He added that ongoing reforms, including measures to stabilise the exchange rate, broaden access to FX, and deepen financial inclusion, are laying the foundation for stronger economic growth. Cardoso also stressed the importance of “thought leadership” at the CBN, asserting that Nigerians should be able to rely on the bank’s decisions as based on global best practice and expertise.
Looking ahead, the CBN governor said Nigerians can expect “greater ease of access to FX, improved stability, and stronger collaboration with fiscal authorities” as the apex bank consolidates its reforms.
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