The Central Bank of Nigeria (CBN) says 16 banks have fully met the regulatory capital requirement of N500 billion.
CBN governor, Olayemi Cardoso, made this known during a press conference at the end of the 303rd monetary policy committee (MPC) meeting in Abuja.
According to him, the MPC expressed satisfaction with the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds.
“Members also acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with revised capital requirements,” Cardoso said.
The committee, he said, therefore, urged the CBN to ensure a successful implementation and conclusion of the programme.
Cardoso said the banks are currently working to strengthen their financial buffers, adding that this is the intended outcome of the ongoing recapitalisation process, and 27 banks have raised capital so far.
“16 of them have fully complied. 27 of them have, through various means, raised capital. We are monitoring the developments and from every indication, it is going in the right trajectory,” the CBN governor said.
According to the governor, the country is now focused on developing a financial sector that is fit for purpose; one capable of building strong buffers and supporting the nation effectively in the years ahead.
“Many of you will also know that many of our banks are out on the African continent, and they have been innovative in various fairs,” he added.
Continuing, Cardoso said: “Again, these buffers that they are creating will help them to be in a position to better navigate the risks in the multiplicity of countries in which they operate. In return, that helps the Nigerians as well — the Nigerian traders, the Nigerian individuals —who go across all these various geographies.”
On March 28, 2024, CBN announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion.
Consequently, several banks announced plans to raise funds through share, bond issuances.
