. ₦4.05trn raised so far
. As MPC cuts rates
By Tochukwu Bliss, Abuja
The Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, yesterday, disclosed that 20 banks have fully met the new minimum capital requirements ahead of the March 31, 2026, deadline.
According to him, as of February 19, 2026, the total verified and approved capital raised under the programme was ₦4.05 trillion.
This comes as the Monetary Policy Committee (MPC) at the close of its 304th meeting in Abuja, cut the interest rate by 50 basis points to 26.50% from 27%.
Mr. Cardoso also informed that 13 other banks are at advanced stages of their capital-raising processes and are expected to conclude within the stipulated time frame.
The CBN Governor disclosed this Monetary Policy Committee (MPC) media briefing, in Abuja.
Accordingly, he maintained that the banking sector recapitalisation programme is progressing in accordance with the approved regulatory timetable, with activity accelerating as the deadline nears.
He explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining time frame.
In a breakdown of the ₦4.05 trillion raised so far, he said that ₦2.90 trillion (71.67%) was mobilised domestically, while $706.84 million, estimated at ₦1.15 trillion (28.33%), reflected foreign participation.
According to the Governor, this balanced mix signals broad investor engagement and growing confidence in the sector.
He further spoke on the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.
He said the CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability.
In this context, he reassured stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight.
Based on the current pace of compliance and ongoing capital-raising activity, Governor Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.
Under the CBN framework, minimum capital thresholds include: ₦500 billion for commercial banks with international authorization; ₦200 billion for national authorization; ₦50 billion for regional commercial banks; ₦50 billion for merchant banks; and ₦20 billion/₦10 billion for national/regional non-interest banks.
Based on the current pace of compliance and ongoing capital-raising activity, the market would see substantial alignment with the new capital requirements by the cut-off date.
Loosening interest rate
Loosening the rates slightly, the Governor said it was a unanimous decision by all members of the MPC.
However, the liquidity ratio was maintained at 30%, while the standing facilities corridor was adjusted to +50 to -450 basis points around the monetary policy rate (MPR).
He added that MPC retained the Cash Reserve Ratio (CRR) at 45% for commercial banks and 16% for merchant banks, while the 75% cap on non-TSA public sector deposits was unchanged.
Mr Cardoso said: “The Committee’s decision was premised on a balanced evaluation of risk to the outlook which suggests that the ongoing disinflation trajectory would continue largely supported by the lad transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply.
“In reaching this policy decision, the Committee took into account the sustained deceleration in year-on-year headline inflation in January 2026, marking the 11th consecutive month of decline.
“This downward trajectory in inflation was driven mainly by the continued effect of the contractionary monetary policy, stability in the foreign exchange market, robust capital inflows and improvements in the balance of payments.
“The momentum was further reinforced by relative stability in the prices of petroleum products and improved food supply conditions, especially staples. These outcomes have indicated that prior tightening has continued to anchor expectations.”
