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Central Bank of Nigeria Signals Strong Financial Recovery at 304th MPC Briefing.
Central Bank of Nigeria Signals Strong Financial Recovery at 304th MPC Briefing.
At the 304th Monetary Policy Committee (MPC) press briefing, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, delivered an optimistic assessment of Nigeria’s financial system, highlighting major milestones in bank recapitalisation, external reserve growth, inflation control, and regulatory reforms.
Major Progress in Bank Recapitalisation
Cardoso disclosed that 20 commercial banks have fully met the new minimum capital requirements set by the apex bank, while 13 others are at advanced stages of compliance and are expected to conclude the process within the stipulated timeline.
According to the CBN Governor, a total of ₦4.05 trillion in verified capital has been raised so far under the recapitalisation programme. Of this amount:
₦2.90 trillion (71.67%) was sourced domestically
US$706.84 million (equivalent to ₦1.15 trillion, 28.33%) came from foreign investors
The Governor described the mix of domestic and foreign participation as a strong vote of confidence in Nigeria’s banking sector and broader economy. He noted that the recapitalisation exercise is designed to strengthen banks’ capacity to support large-scale investments, absorb shocks, and finance economic growth sustainably.
He further assured the public that financial institutions currently under regulatory intervention remain under strict supervisory oversight, emphasizing that depositors’ funds remain safe and protected.
External Reserves Hit 13-Year High
In another significant development, Nigeria’s gross external reserves rose to $50.45 billion as of mid-February 2026, marking the highest level recorded in 13 years.
Cardoso attributed the improvement to:
Favourable trade dynamics
A healthy current account surplus
Rising non-oil export earnings
Increased diaspora remittances
Renewed investor and market confidence
The CBN Governor explained that the strong reserve position enhances the country’s ability to stabilize the foreign exchange market, meet external obligations, and cushion against global economic shocks.
Inflation Trend Shows Sustained Moderation
On inflation, the MPC noted a gradual but consistent downward trend, reflecting the cumulative impact of the CBN’s contractionary monetary policy stance.
Cardoso stated that tighter liquidity conditions, improved FX stability, robust capital inflows, and balance of payments improvements have contributed to moderating price pressures.
He emphasized that the Committee remains committed to anchoring inflation expectations and sustaining macroeconomic stability, noting that policy tightening measures would continue where necessary to consolidate gains.
Strengthening Cybersecurity and Fintech Regulation
Beyond traditional monetary measures, the CBN is intensifying efforts to enhance cybersecurity frameworks and operational risk management standards across financial institutions, particularly within the fast-growing fintech ecosystem.
The Governor explained that as digital financial services expand, safeguarding payment systems and protecting consumers from cyber threats have become top regulatory priorities. Strengthened standards are expected to improve system resilience and maintain public trust in Nigeria’s digital financial infrastructure.
Call for Discipline and Sustainable Growth
In his closing remarks, Cardoso urged financial institutions, policymakers, investors, and other stakeholders to maintain discipline and align with the broader goal of sustainable economic growth.
He reiterated that macroeconomic stability, financial sector resilience, and regulatory consistency remain central to the CBN’s mandate.
The 304th MPC briefing signals a cautiously optimistic outlook for Nigeria’s financial system, underpinned by stronger bank capitalisation, record external reserves, declining inflationary pressures, and ongoing structural reforms aimed at long-term stability.
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