The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has clarified that Nigerian banks are not facing pressure regarding recapitalization. This statement follows the recent announcement of increased minimum capital requirements for all banks by the apex bank.

During the 295th Monetary Policy Committee meeting held in Abuja, Cardoso emphasized that the recapitalization initiative aims to bolster the resilience of banks and support the government’s vision of a $1 trillion economy. Contrary to speculations, he assured that the Nigerian banking system remains sound and robust.

Cardoso reiterated that the deadline for banks to meet the new capital requirements spans 24 months, starting from April 1, 2024, to March 31, 2026. He emphasized the central bank’s commitment to ensuring the stability and effectiveness of the banking sector.

“We are not putting any of the banks under pressure regarding recapitalization,” Cardoso affirmed.