CBN Chief Cardoso Declares Victory as 30 Banks Hit Recapitalization Targets and Reserves Surge to $34.8bn

Central Bank Governor Olayemi Cardoso has delivered a bold vote of confidence in Nigeria’s economic future, declaring on Thursday, March 12, 2026, that the country’s aggressive banking and monetary reforms have finally “restored pride” in the naira. Delivering a keynote lecture in Lagos, Cardoso signaled that the cycle of persistent currency devaluation has been broken, replaced by a “State of Harmony” built on transparency and massive capital buffers.

The timing of the Governor’s announcement is critical. With only 19 days left until the March 31 recapitalization deadline, 30 Nigerian banks have already crossed the finish line, meeting the stringent new capital requirements designed to bulletproof the financial system. These banks have collectively raised trillions of naira, a feat Cardoso says will transform them into global heavyweights capable of driving Nigeria toward its $1 trillion economy target. “These reforms aren’t just about numbers; they are about rebuilding a foundation that was nearly destroyed by a $90 billion loss in oil revenue over the last decade,” Cardoso remarked.

The “flip the script” moment for the naira is backed by hard data. Nigeria’s net reserves have witnessed a staggering recovery, hitting $34.8 billion this month a nine-fold increase from the lows of 2024. Despite critics pointing to the higher exchange rate compared to previous years, the CBN maintains that the current market is “real and accessible,” unlike the previous “phantom” rates that benefited only a select few through multiple windows.

As the remaining three banks undergo routine regulatory checks to confirm their compliance, the focus of the apex bank is shifting toward its next major battle: crushing inflation. While the Governor admitted that reaching single-digit inflation will not happen “overnight,” he emphasized that the newly capitalized banks now have the “muscle” to support households and businesses through the transition. For now, the message from the CBN is clear Nigeria’s economic foundation is no longer made of sand, but of the hardened capital of a resilient banking sector.