The Central Bank of Nigeria (CBN) has disclosed that 30 banks have met the new minimum capital requirements set by the apex bank ahead of the March 31, 2026 deadline.

The update was contained in a statement issued on Friday by the CBN spokesperson, Hakama Ali-Sidi.

According to the apex bank, 33 banks have raised additional capital through various funding mechanisms, including rights issues, initial public offerings (IPOs), and private placements as part of the recapitalisation programme.

However, the CBN noted that three banks are yet to fully meet the requirement, adding that their capital positions are currently undergoing routine verification ahead of final confirmation of compliance.

“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” the statement said.

“In total, thirty-three banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.”

The apex bank added that it would continue to maintain close supervisory engagement with financial institutions to ensure full compliance with prudential and capital requirements.

The latest figures show significant progress compared to earlier updates by the regulator.

During the 304th Monetary Policy Committee (MPC) briefing, CBN Governor Olayemi Cardoso had revealed that 20 out of the 33 banks had met the capital requirement as of February 24, 2026.

This indicates that an additional 10 banks achieved compliance between February 24 and March 6.

The recapitalisation policy was introduced by the CBN in March 2024, when the regulator announced new minimum capital thresholds for banks as part of efforts to strengthen Nigeria’s banking sector and improve financial stability.

Banks were given until March 31, 2026 to meet the new requirements.