Central Bank of Nigeria (CBN) Governor Olayemi Cardoso announced on Thursday that 32 banks have met the revised minimum capital requirements under the ongoing recapitalisation programme. Speaking at Abuja’s Monetary Policy Forum, he hailed the “commendable” progress as a boost to financial resilience and Nigeria’s $1 trillion economy push.
“This achievement strengthens our banking system’s capacity to mobilise long-term capital and support investment,” Cardoso said. Key reforms include risk-based capital rules, ending regulatory forbearance, curbing insider lending, and upgrading supervision via digital early-warning tools and cross-border oversight.
Inflation slashed by aggressive tightening
Headline inflation plunged from 34.8% in December 2024 to 15.06% in February 2026, thanks to 875 basis points of rate hikes last year. The Monetary Policy Committee then eased to 26.5%. Without these, Cardoso said, inflation would have spiked further—underscoring policy discipline and fiscal coordination.
FX reforms spark Diaspora remittance boom
CBN cleared $7 billion in FX backlogs, launched a transparent willing-buyer-willing-seller system, and tightened surveillance—shrinking the parallel market premium below 2%. Diaspora remittances surged from $200 million to $600 million monthly; the bank eyes $1 billion by year-end.
Reserves hit $50.12 billion (gross) and $34.80 billion (net) in February 2026, up sharply via better management, gold diversification, and asset frameworks.
Fiscal discipline restores credibility
Ways and Means financing dropped from N26.95 trillion (May 2023) to N2.84 trillion (January 2026), enforcing limits and central bank independence. Gains earned Fitch/Moody’s upgrades, FATF grey-list exit (October 2025), and IMF praise. Payments modernised to ISO 20022; inclusion advanced via women’s dashboards and consumer protections.
Outlook: Single-digit inflation, stable Naira
Next: lock in single-digit inflation, naira stability, and reserves amid global risks like oil volatility. Growth forecast at 4.49% in 2026. “The toughest adjustments are behind us,” Cardoso said—stressing stakeholder collaboration.
Key fact: According to CBNM data, banks raised N4.61 trillion in fresh capital, with 27% from foreign investors
