The Central Bank of Nigeria (CBN) says that 30 banks have met the new capital requirements ahead of the March 31 deadline for the bank recapitalisation exercise.
The Acting Director, Corporate Communications Development of the CBN, Mrs Hakama Sidi-Ali, said in a statement on Friday in Abuja that .as of March 6, the banks have met the new minimum capital requirements applicable to their respective licence authorisations.
“In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs) and private placements as part of the programme.
“The capital positions of the remaining banks are currently undergoing the CBN’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.
“The CBN reiterates that the Nigerian banking system remains stable and sound.
“The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” she said.
She added that the CBN will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
The CBN introduced a recapitalisation programme for the banking sector in 2024 in order to strengthen the resilience, stability and long-term capacity of the financial system to support Nigeria’s economic development.
Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.
Under the CBN framework, minimum capital thresholds include: N500 billion for commercial banks with international authorisation, N200 billion for national authorisation, N50 billion for regional commercial banks, N50 billion for merchant banks.
It also include N20 billion and N10 billion for national and regional non-interest banks respectively.
GIK/APA