The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s banking sector recapitalisation exercise is progressing steadily, with several banks already meeting the new capital requirements introduced to strengthen the financial system.

In a press statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications, and issued on Friday, the apex bank said the recapitalisation programme, introduced in 2024, was designed to strengthen the resilience and long-term capacity of the banking sector to support economic growth.

According to the CBN, banks across the industry have taken steps to raise their capital base in line with the revised regulatory requirements.

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The bank disclosed that “as of March 6, 2026, the recapitalisation exercise is progressing steadily,” noting that “30 banks have already met the new minimum capital requirements applicable to their respective licence authorisations.”

It further stated that 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.

The apex bank explained that the capital positions of other banks are still undergoing verification.

“The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline,” the statement said.

The CBN also maintained that the Nigerian banking system remains stable, adding that 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.”

The statement further stated that the bank would continue close supervisory engagement with financial institutions to ensure full compliance with prudential and capital requirements.

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