The Central Bank of Nigeria (CBN) has confirmed that 20 commercial banks have fully complied with its new minimum capital requirements, with another 13 institutions in the final stretch of their fundraising efforts.
CBN Governor Olayemi Cardoso made the disclosure Tuesday during a media briefing after the Monetary Policy Committee’s 304th meeting in Abuja, painting an optimistic picture of a banking sector that has attracted significant investor appetite both at home and abroad.
As of February 19, 2026, Nigerian banks had raised a combined N4 trillion in verified and approved capital. The bulk of it — N2.90 trillion, or roughly 72 percent — came from domestic sources, while foreign investors contributed $706.84 million, equivalent to N1.15 trillion. Cardoso said the strong foreign participation vindicated conversations he had earlier held with the international investor community, who he noted had expressed keen interest in Nigeria’s banking sector.
“I’m glad that that has come out in a very positive way,” he said.
The remaining institutions are still working through their recapitalisation strategies and exploring options that may include consolidation. Banks currently under regulatory intervention, Cardoso noted, operate under different legal and structural constraints and cannot be expected to meet the same timeline as their peers who have had over two years to prepare since the CBN’s March 2024 announcement raising the minimum capital threshold for internationally licensed banks to N500 billion.
On a broader macroeconomic note, Cardoso revealed that Nigeria’s gross external reserves climbed to $50.4 billion in February — the highest figure recorded in 13 years. He tempered the good news with a warning that global oil price swings, geopolitical tensions, and undisciplined pre-election fiscal spending could erode those gains. The governor pledged that the CBN would hold the line on policy consistency and resist pressure for sudden reversals, while continuing efforts to diversify the economy’s revenue base.
Nigeria currently has 44 licensed banks, spanning international, national, regional, non-interest, and merchant categories, alongside financial holding companies.
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