The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured that no Nigerian bank is under pressure regarding recapitalization. This statement was made in a communiqué following the 295th Monetary Policy Committee meeting held in Abuja.
Recently, the CBN increased the minimum capital requirements for all Nigerian banks. These institutions are expected to meet the new requirements within a 24-month period, starting from April 1, 2024, to March 31, 2026.
Amidst speculation that banks might be struggling to meet these new capital thresholds before the deadline, Cardoso clarified that the recapitalization effort is intended to strengthen banks, enabling them to better withstand economic shocks and support the Federal Government’s goal of a $1 trillion economy.
Cardoso emphasized the stability and resilience of the Nigerian banking system, stating, “It’s our responsibility to ensure it remains sound, safe, and fit for purpose.” He also reassured, “We are not putting any of the banks under pressure regarding recapitalization.”
