CBN to Monitor Recapitalising Banks as Financial Reforms Deepen
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a robust and stable financial sector as it closely monitors the progress of commercial banks still undergoing recapitalisation to meet new minimum capital requirements.
This comes as part of the apex bank’s ongoing efforts to strengthen Nigeria’s financial system and safeguard it against macroeconomic shocks under the leadership of Governor Olayemi Cardoso.
Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, made this known during the CBN Special Day at the 20th Abuja International Trade Fair, noting that the exercise was crucial to ensuring financial stability and economic sustainability.
CBN to Monitor Recapitalising Banks for Financial Stability
According to Sidi Ali, while 14 banks have already met the recapitalisation requirements, the CBN to monitor recapitalising banks closely forms part of a broader reform agenda designed to ensure all financial institutions remain resilient and compliant.
She said, “The CBN has continued to address pockets of macroeconomic challenges confronting the Nigerian economy, ensuring that the banking system remains robust and resilient, with most financial soundness indicators staying within their respective prudential benchmarks.”
She added that the recapitalisation initiative is aimed at protecting depositors, deepening productivity, and preparing Nigeria’s financial system for global economic uncertainties.
The CBN, she noted, is ensuring a balance between regulatory oversight and financial innovation, both of which are essential to achieving long-term economic growth.
CBN Strengthens Payments System and Forex Stability
Sidi Ali also highlighted the bank’s ongoing initiatives to modernise Nigeria’s payment infrastructure through the Payment Systems Vision 2028, a project designed to broaden financial inclusion, particularly in rural communities, and enhance the security and efficiency of transactions.
“The CBN’s Payment Systems Vision 2028 is a bold initiative to future-proof Nigeria’s payments ecosystem, aiming to broaden financial inclusion, improve security, and minimise downtime for faster, safer, and more efficient transactions,” she explained.
She further emphasised that the apex bank’s approach to economic sustainability is anchored on three critical pillars — a strong financial system, a stable foreign exchange market, and effective collaboration between fiscal and monetary authorities.
These combined strategies, she said, are already producing measurable results.
“Our external reserves reached $43.05 billion on September 11, 2025, up from $40.51 billion at the end of July 2025,” she revealed.
CBN to Monitor Recapitalising Banks as Part of Broader Economic Reforms
The CBN to monitor recapitalising banks initiative aligns with the government’s broader economic reform agenda aimed at stabilising inflation, improving access to credit, and fostering financial transparency.
Sidi Ali noted that the recapitalisation process is not merely a compliance exercise but an opportunity for banks to strengthen their capital base, enhance lending capacity, and support key sectors of the economy such as agriculture, manufacturing, and small businesses.
She also reiterated the CBN’s commitment to ensuring the continuous availability of clean Naira notes and urged Nigerians to show respect for the national currency.
“We urge you to see the Naira as our vital symbol of national identity. Respect it and keep it clean. Do not spray, hawk, mutilate, or counterfeit the Naira. Be ambassadors of the Bank’s clean Naira initiative because the CBN cannot do it alone. Our Naira, Our Pride,” she stated.
Private Sector Commends CBN’s Financial Leadership
The Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Mr. Agabaidu Jideani, commended the Central Bank for its continuous support to the business community and its role in fostering macroeconomic stability.
He described the apex bank as a “vital enabler of growth,” particularly for micro, small, and medium enterprises (MSMEs), which form the backbone of Nigeria’s economy.
“For the business community represented by ACCI, the CBN is not just a regulator but a vital enabler of growth.
Through access to credit facilities, intervention funds, forex management, and financial inclusion strategies, the CBN has opened opportunities for our members to thrive in a competitive environment,” Jideani said.
He further praised the CBN’s rollout of the Open Banking Framework, the expansion of contactless payment systems, and the establishment of a regulatory sandbox for fintech innovation — all of which have boosted transparency and accessibility in the financial sector.
CBN’s Broader Role in Economic Diversification
Jideani also highlighted the Central Bank’s targeted interventions in critical sectors, including agriculture, housing, healthcare, and education. These initiatives, he said, have lowered barriers to doing business, de-risked investment opportunities, and contributed to a more inclusive economy.
“The bank’s proactive measures toward stabilising inflation, supporting innovation, and fostering transparency have set the stage for a more competitive and resilient economic environment,” he noted.
He urged the CBN to maintain the same level of transparency and engagement as it continues to monitor recapitalising banks, ensuring that the recapitalisation exercise translates into tangible benefits for the economy.
The CBN to monitor recapitalising banks initiative underscores the apex bank’s determination to safeguard Nigeria’s financial ecosystem, promote innovation, and sustain investor confidence amid global economic uncertainties.
As the recapitalisation process progresses, stakeholders believe that the CBN’s reform-driven approach, coupled with strong oversight and collaboration with the private sector, will further position Nigeria’s banking system as one of the most resilient in Africa.
