With the March 31 deadline looming, three Nigerian banks have yet to officially cross the finish line for the Central Bank of Nigeria’s new capital mandates as of Friday, March 6, 2026.
Mrs. Hakama Ali-Sidi, acting as the spokesperson for the CBN, shared this update in a formal briefing on Friday.
The report indicates that 30 financial institutions have successfully shored up their required reserves, leaving just a small trio of banks still in the red.
However, the apex bank clarified that these last three institutions aren’t necessarily failing; they are currently having their capital levels scrutinized through standard verification after a total of 33 banks turned to rights issues and public offerings to raise the necessary funds.
“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective license authorizations,” she said.
It is worth noting that during the 304th Monetary Policy Committee meeting, CBN Governor Olayemi Cardoso had previously mentioned that 20 out of the 33 banks were in the clear. This shows a rapid pace of compliance, with 10 more banks securing their status between February 24 and March 6.
This entire movement stems back to March 2024, when the central bank first rolled out the updated capital benchmarks and set the end of March 2026 as the final cutoff point.