The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has disclosed that 20 Nigerian banks have successfully raised a total of N4.05 trillion as part of the ongoing recapitalization exercise, ahead of the March 31, 2026 deadline.
Cardoso made the disclosure on Tuesday during a press briefing following the 304th Monetary Policy Committee, MPC, meeting held in Abuja.
According to him, while 20 banks have fully met the new minimum capital requirements, 13 others are still working towards compliance but are yet to reach the stipulated threshold.
Providing a breakdown of the funds raised as of February 19, 2026, the CBN governor said 71.67 percent of the total amount was sourced domestically, while 28.33 percent came from foreign investors.
He explained that N2.90 trillion — about 71.6 percent — was mobilized within Nigeria, whereas $706.84 million, equivalent to N1.15 trillion or 28.33 percent, was attracted from foreign participation.
“This balance represents a mix of domestic and foreign investments, reflecting broad investor engagement and sustained confidence in the banking sector,” Cardoso stated.
The recapitalization program, which commenced in March 2024, is aimed at strengthening the financial system and positioning banks to support economic growth.
Meanwhile, at the MPC meeting, members resolved to reduce the country’s benchmark interest rate by 50 basis points to 26.5 percent.



