Mkpoikana Udoma
Port Harcourt — The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has announced that Nigerian banks have raised a verified N4.05 trillion as part of ongoing recapitalization efforts, describing the development as a “strong signal of resilience and investor confidence” in the country’s financial system.
Speaking at the 304th Monetary Policy Committee briefing, Cardoso disclosed that 20 banks have fully met the new minimum capital requirements, while 13 others are at advanced stages and expected to conclude within the regulatory timeline.
Providing a breakdown, the Governor said N2.90 trillion, representing 71.67 per cent, was sourced domestically, while $706.84 million (N1.15 trillion), or 28.33 per cent, came from foreign investors.
“This balanced participation reflects broad investor confidence in Nigeria’s banking system and reform trajectory,” Cardoso stated.
He added that institutions currently under regulatory intervention remain under close supervisory oversight, assuring depositors that their funds are secure.
On external buffers, the CBN Governor revealed that Nigeria’s gross external reserves rose to $50.45 billion as of mid-February 2026, the highest level recorded in 13 years.
According to him, the surge is being driven by favourable trade dynamics, a healthy current account surplus, rising non-oil exports, diaspora remittances, and renewed market confidence.
“The improvement in our reserves position reflects stronger fundamentals and sustained policy discipline,” he said.
Cardoso also pointed to a downward trend in inflation, attributing it to the sustained impact of contractionary monetary policy, improved foreign exchange stability, strong capital inflows, and progress in the balance of payments.
“The tightening measures implemented by the Committee are working to anchor expectations and reinforce macroeconomic stability,” he noted.
He emphasised that policy discipline remains central to sustaining gains recorded so far.
Beyond macroeconomic indicators, the CBN is tightening cybersecurity and operational risk management standards across financial technology firms to build a more resilient ecosystem.
The Governor urged financial institutions and market participants to maintain prudence and compliance in pursuit of sustainable growth.
“We must remain disciplined and focused as we consolidate these gains,” Cardoso said.
