Banks raise N4.65trn in fresh capital — CBN

The Central Bank of Nigeria (CBN) says Nigeria’s banking sector raised N4.65 trillion in fresh capital through its recapitalisation exercise, while headline inflation declined to 14.63 per cent in September.

The CBN Governor, Olayemi Cardoso, disclosed this at a press briefing following Nigeria’s participation in the 2026 Annual Meetings of the IMF/World Bank Group in Bangkok, Thailand, on Saturday, October 17, 2026.

Cardoso said external reserves had risen above $55 billion, the highest level in 18 years, while formal remittance inflows were approaching one billion dollars monthly.

According to him, slightly more than 20 per cent of the fresh capital raised by banks came from domestic investors, demonstrating confidence in the resilience and long-term prospects of Nigeria’s banking system.

The CBN boss also cited the revision of Nigeria’s sovereign outlook from stable to positive by Fitch Ratings as evidence of growing international recognition of the country’s economic progress.

Cardoso acknowledged the patience and resilience of Nigerians during a difficult period of economic adjustment.

Cardoso said the priority was to consolidate the gains and translate them into increased investment, productivity and sustainable economic growth.

Cardoso said the Nigerian delegation used the annual meetings to engage international partners on the country’s economic outlook, policy priorities and challenges confronting the global economy.

He added that discussions with international credit rating agencies, including Standard & Poor’s and Moody’s, focused on Nigeria’s economic outlook and the pathway towards achieving investment-grade ratings in the medium term.

The CBN governor said the engagements underscored the importance of policy consistency, credible institutions and effective coordination between fiscal and monetary authorities.

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Cardoso said he also participated in IMF discussions on the global economy, where he shared Nigeria’s experiences and lessons for emerging economies, particularly in Africa.

“Emerging economies must look beyond surviving crises and focus on building productive, competitive and resilient economies capable of withstanding future shocks,” he said.

On artificial intelligence, Cardoso said Africa could not afford to remain a passive participant in the technological revolution but must develop the capacity to shape its opportunities and capture the economic
value it creates.

The CBN boss disclosed that he also discussed the CBN’s experience in strengthening monetary policy decision-making, transparency and communication at an IMF seminar on central bank decision-making under uncertainty.

He cited the September reduction of the monetary policy rate from 26.5 per cent to 23 per cent as an example of the importance of credible institutions and clear policy communication.

Cardoso said: “As part of efforts to deepen Nigeria’s financial relationships with Asia, the Nigerian delegation engaged the Monetary Authority of Singapore and signed a memorandum of understanding with a global financial technology network.

“The delegation convened the Nigeria-Asia Financial Connectivity Dialogue in collaboration with JPMorgan, the Nigerian Exchange Group and FMG Group.”