The Central Bank of Nigeria (CBN) has warned that stronger capital alone will not guarantee a resilient financial system without sound corporate governance and effective risk management.
The regulator stated this on Tuesday at the 38th Finance Correspondents Association of Nigeria (FICAN) Seminar in Abuja.
It pledged to sustain close regulatory oversight of banks with greater focus on governance, asset quality, liquidity and large exposures as the industry enters the post-recapitalisation era.
Speaking at the seminar themed, “Towards a Robust and Resilient Financial System in the Post-Banking Sector Recapitalisation Era,” the Deputy Governor, Corporate Services, Dr. Muhammad Sani Abdullahi, said the CBN’s supervisory approach would continue to emphasise risk-based supervision, macroprudential surveillance and enhanced stress testing.
Banks, he said, are expected to maintain strong internal controls, identify risks early and ensure lending is driven by viable projects rather than capital size alone.
He said the CBN would also insist on stronger customer data protection, reliable payment services and the ability of financial institutions to recover quickly from operational disruptions.
He disclosed that 33 banks met the revised minimum capital requirements at the end of the two-year recapitalisation programme, raising a combined N4.65 trillion.
He said the recapitalisation exercise, announced in March 2024, was designed to equip banks with stronger capital buffers needed to support Nigeria’s ambition of building a one-trillion-dollar economy by 2030.
According to him, well-capitalised banks will be better positioned to finance long-term infrastructure, support industrial expansion, facilitate international trade and compete more effectively in regional and global markets.
He highlighted improvements in key macroeconomic indicators, saying reforms in the foreign exchange market have narrowed the gap between official and parallel market rates from an average of 68.2 per cent in the January-May 2023 period to below two per cent.
He recalled that the foreign exchange market had previously been fragmented, with exchange rate gaps averaging above 60 per cent in 2022 and exceeding 100 per cent at some points that year.
Abdullahi said autonomous sources contributed US$7.33 billion, representing nearly 68 per cent of the US$10.82 billion total foreign exchange inflows recorded in July 2026.
He added that remittances through International Money Transfer Operators reached US$950 million during the month, while net foreign portfolio inflows stood at US$6.31 billion between January and August 2026, although he cautioned that portfolio flows remain susceptible to reversals.
The CBN also said Nigeria’s gross external reserves rose to US$55.60 billion as of September 11, 2026, with end-August reserves providing 11.3 months of import cover.
Speaking on inflation, Abdullahi noted that headline inflation, which climbed to 34.8 per cent in December 2024 during the early phase of policy adjustments, had moderated to 15.43 per cent in July 2026.
He said the economy expanded by 4.43 per cent in the second quarter of 2026, driven largely by activities outside the oil sector.
He acknowledged that households and businesses continue to face economic pressures, stressing that recapitalisation should ultimately be measured by the quality of banking services and productive lending delivered to the economy.
He said the benefits of the reforms should extend beyond large corporations to rural communities, women, young entrepreneurs and other underserved segments.
Abdullahi also urged businesses seeking credit to strengthen corporate transparency, governance and sustainability practices, noting that such factors are becoming increasingly important in banks’ lending decisions.
Speaking, the new Director of Corporate Communications and Investor Relations at the CBN, Mr. Michael Chukwuemeka Akuka, described the seminar as an important platform for improving public understanding of monetary policy and financial sector reforms.
He urged finance correspondents and business editors to go beyond headlines by seeking deeper context when reporting the CBN’s policies.
According to him, the difference between sound policy and public perception can sometimes be determined by the accuracy and context provided in a single news report.
Je encouraged journalists to ask probing questions during the sessions to ensure Nigerians receive clear explanations of ongoing reforms.
Earlier, the Director of Stakeholder Engagement and Institutional Relations, Mrs. Hakama Sidi Ali, reaffirmed the CBN’s commitment to working closely with the media.
She commended finance correspondents for supporting the bank’s communication efforts over the years and urged them to extend the same cooperation to the bank’s new leadership in corporate communications.
Ali said the CBN remains united in its engagement with stakeholders and views journalists as critical partners in conveying accurate information about the nation’s financial system.