Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said on Tuesday that 14 commercial banks have met the new minimum capital requirements introduced in March 2024.

Cardoso made the disclosure in Abuja while addressing journalists after the 302nd meeting of the Monetary Policy Committee (MPC).

“On the financial sector, the MPC noted the continued resilience of the banking system, with most financial soundness indicators remaining within projected benchmarks,” Cardoso said. “Members also acknowledge the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.”

He explained that the recapitalisation programme remained a priority and urged lenders to sustain efforts already undertaken to strengthen balance sheets. “The MPC therefore urge the bank to continue the implementation of policies and initiatives that will ensure the successful completion of the ongoing recapitalisation exercise,” he added.

The apex bank also confirmed the termination of forbearance measures and waivers previously granted to civil obligors. Cardoso said the decision was aimed at improving transparency and risk management in the financial system. He stressed that the withdrawal of those measures was temporary and would not affect the overall stability of the sector.

The CBN raised minimum capital thresholds on March 28, 2024, setting the requirement for commercial banks with international licences at ₦500 billion. Since then, several lenders have pursued public offers, rights issues, and bond issuances to comply with the directive.

As of July, the CBN reported that only eight banks had reached the target, highlighting the progress made in recent months.

Cardoso also announced a cut in key interest rates, confirming that the Monetary Policy Rate (MPR) had been reduced from 27.5 percent to 27 percent. The Cash Reserve Ratio (CRR) for deposit money banks was lowered to 45 percent, while the CRR for merchant banks remained unchanged at 16 percent.

“The adjustments are designed to balance inflation control with the need to ease monetary conditions,” Cardoso said, noting the pressures of high inflation and currency volatility on the Nigerian economy.

The Liquidity Ratio was maintained at 30 percent, and the asymmetric corridor around the MPR was set at +250/-250 basis points.