Nigeria’s External Reserves Jump To $43bn As 14 Banks Meet CBN Rule

Nigeria’s foreign reserves climbed to $43 billion in September, a notable jump from $40.51 billion recorded just two months earlier – www.naijnaira.com reports.

Central Bank Governor, Olayemi Cardoso, made this known after the Monetary Policy Committee met in Abuja on September 22 and 23, 2025, according to Channels Television.

Cardoso revealed that the current account balance for the second quarter of 2025 posted a $5.28 billion surplus, higher than the $2.85 billion surplus recorded in the first quarter.

He also confirmed that 14 Nigerian banks have successfully met the fresh capital requirements introduced under the ongoing recapitalisation programme.

Under the new structure, international commercial banks must maintain a capital base of ₦500 billion, while national commercial banks are required to have ₦200 billion.

Regional commercial banks have been pegged at ₦50 billion, the same threshold placed on merchant banks.

For non-interest banks, the capital bar stands at ₦20 billion for national licences and ₦10 billion for regional licences.

Cardoso explained that the recapitalisation drive follows the historic 2004 reform, when banks were forced to increase capital from ₦2 billion to ₦25 billion, cutting their number from 89 to 25 through mergers.

In addition, the Central Bank reduced the Monetary Policy Rate by 50 basis points, lowering it from 27.5 percent to 27 percent to stimulate lending.

“Fourteen banks have already met the requirement,” Cardoso stated, adding that the reform aims to strengthen financial stability.