Abuja: The Central Bank of Nigeria (CBN) has introduced time-bound measures for some banks that are still completing their transition from the temporary regulatory support provided in response to the economic impact of the COVID-19 pandemic.
According to a statement issued by Mrs Hakama Sidi-Ali, CBN’s Acting Director of the Corporate Communications Department, this is part of its ongoing efforts to strengthen the banking system.
Sidi-Ali said that the step was part of the CBN’s broader, sequenced strategy to implement the
recapitalisation programme announced in 2023.
She said that the programme, designed to align
with Nigeria’s long-term growth ambitions, it had already led to significant capital inflows and balance sheet strengthening across the sector.
“Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.
“The measures apply only to a limited number of banks. These include temporary capital distribution restrictions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.
“All affected banks have been formally notified and remain under close supervisory engagement,” she said.
She said the CBN had allowed limited, time-bound flexibility
within the capital framework to support a smooth transition consistent with international regulatory norms.
“Nigeria generally maintains Risk-Based Capital requirements significantly more stringent than the global Basel III minimums.
“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts.
“The CBN remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums,” she said.
She said the goal was to ensure Nigeria’s banking sector was transparent and remained fundamentally strong.
According to her, these measures are neither
unusual nor cause for concern.
She said they were a continuation of the orderly and deliberate implementation of already underway reforms.
She said the CBN would continue to take all
necessary actions to safeguard the sector’s stability and ensure a robust, resilient financial ecosystem supporting sustainable economic growth.