Nigeria’s Foreign Reserves Hit $43.05bn as 14 Banks Meet New CBN Capital Requirements

Nigeria’s external reserves have surged to $43.05 billion, strengthening the country’s financial position and boosting import cover to 8.28 months, according to the Central Bank of Nigeria (CBN).

CBN Governor Olayemi Cardoso disclosed this while briefing journalists after the 302nd Monetary Policy Committee (MPC) meeting held in Abuja on September 22–23, 2025. He noted that the reserves grew from $40.51 billion in July 2025, reflecting improved foreign exchange inflows.

Cardoso also highlighted a significant surplus in Nigeria’s current account balance, which climbed to $5.28 billion in Q2 2025, up from $2.85 billion in Q1 2025.

On the ongoing banking sector recapitalisation, the apex bank confirmed that 14 Nigerian banks have already met the new capital base requirements. The recapitalisation framework introduces different thresholds based on license type:

• ?500 billion – Commercial banks with international authorisation
• ?200 billion – Commercial banks with national authorisation
• ?50 billion – Commercial banks with regional authorisation
• ?50 billion – Merchant banks
• ?20 billion – Non-interest banks (national)
• ?10 billion – Non-interest banks (regional)

This marks Nigeria’s most ambitious recapitalisation since 2004, when the CBN raised minimum capital requirements from ?2 billion to ?25 billion, reducing the number of banks from 89 to 25 through mergers and acquisitions.

The new policy, according to Cardoso, is designed to strengthen financial stability, deepen resilience in the sector, and position Nigerian banks for global competitiveness.