The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has confirmed that 14 banks have now fully met the recently increased regulatory capital requirement.
He made the disclosure on Tuesday in Abuja during a press conference held after the Monetary Policy Committee (MPC) meeting.
Cardoso described the banking sector as resilient, noting that most financial soundness indicators remain within projected benchmarks. He said the MPC also acknowledged significant progress in the ongoing bank recapitalisation exercise and urged banks to sustain efforts toward its successful completion.
The MPC further announced the end of forbearance measures and waivers for civil obligors. According to the governor, this step will strengthen transparency, improve risk management, and reinforce financial stability. He assured that the development is only a temporary disruption and does not threaten the banking system’s health.
On March 28, 2024, the CBN raised the minimum capital requirement for commercial banks with international licenses to ₦500 billion. Prior to this latest update, only eight banks had fully complied.
