16 Banks Clear ₦500 Billion Recapitalisation Bar As 27 Race To Meet Deadline

By OBIOMA TORI

SIXTEEN commercial banks have now fully met the Central Bank of Nigeria’s (CBN) new ₦500 billion minimum capital requirement, Governor Olayemi Cardoso announced on Tuesday. Another 27 banks are still working to reach the threshold, with the CBN actively monitoring their progress.

The update came after the 303rd Monetary Policy Committee (MPC) meeting, where the apex bank maintained key policy rates to reinforce ongoing disinflation efforts. The Monetary Policy Rate (MPR) was left at 27 percent, while the Cash Reserve Ratio (CRR) remained at 45 percent for commercial banks and 16 percent for merchant banks. The 75 percent CRR on non-Treasury Single Account public deposits was also retained, alongside the Liquidity Ratio at 30 percent.

Cardoso added that the standing facilities corridor has been adjusted to +50 and –450 basis points around the MPR, reflecting the bank’s efforts to guide market stability and strengthen monetary transmission.

He noted that further details on compliance levels and sector-wide assessments would be released as the recapitalisation exercise progresses and broader economic indicators evolve.