The Central Bank of Nigeria (CBN), has said that 16 banks have successfully scaled through the recapitalisation hurdle, meeting the revised capital requirements set under its ongoing banking sector reforms. CBN Governor, Olayemi Cardoso, disclosed this during the bank’s 303rd Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. Cardoso said another 27 banks are in the process of raising capital, with the apex bank closely monitoring developments to ensure the exercise stays on track and strengthens the financial sector. He also revealed that the bank has recovered over N2 trillion from outstanding intervention loans, after a systematic clean-up of its balance sheet. According to the CBN boss, the recoveries and recapitalisation progress reflect the Bank’s resolve to strengthen the financial system, restore credibility, and improve the transmission of monetary policy, noting that legacy exposures in intervention programmes had distorted credit patterns and complicated macroeconomic management.

Sun