31 Nigerian Banks Achieve CBN’s ₦500bn Capital Target as Deadline Looms

The Central Bank of Nigeria’s deadline of March 31, 2026 looms large. To date, 31 banks have met the new ₦500bn capital threshold. Only a handful await final regulatory checks. Launched in 2024 under CBN Governor Olayemi Cardoso, the recapitalisation drive seeks to boost resilience. It aims to protect the sector from shocks and fund large-scale infrastructure and industrial projects. Under the framework, international banks must reach ₦500bn. National banks need ₦200bn while regional and merchant banks require ₦50bn. Non-interest banks must hold at least ₦20bn. Industry experts say there is no need for panic. The recapitalisation is meant to strengthen banks, not close them. It may also spark more mergers among smaller lenders and reshape Nigeria’s financial landscape.

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