CBN Governor, Yemi Cardoso
The Central Bank of Nigeria (CBN) has announced that 20 commercial banks have fully met the new recapitalisation requirements set by the apex bank.
CBN Governor, Olayemi Cardoso, disclosed this on Tuesday during a press briefing after the first 2026 meeting of the Monetary Policy Committee (MPC).
He said the banking sector was recording significant progress under the ongoing recapitalisation programme, with a total of 33 banks having raised fresh capital so far as part of the exercise.
Cardoso also revealed that Nigeria’s gross external reserves had risen to $50.4 billion as of mid-February 2026, describing it as the highest level recorded in 13 years. According to him, the reserve position is sufficient to cover approximately 9.68 months of imports.
The CBN governor noted that the capital mobilisation and improved reserve position reflect strengthening fundamentals in the financial system.
Further details are expected from the apex bank on the recapitalisation process and compliance timeline.
