The Central Bank of Nigeria (CBN) has affirmed the strength of the Nigerian bank sector as part of its ongoing efforts to strengthen the banking system.

It has also introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided, mostly in response to the economic impact of the COVID-19 pandemic.

A Tuesday statement signed by the apex bank’s Acting Director, Corporate Communications, Hakama Ali, said the move was part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.

It said, “Nigeria’s banking sector remains fundamentally strong. These measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.”

According to the statement, the programmes, designed to align with Nigeria’s long-term growth ambitions, have already led to significant capital inflows and balance sheet strengthening across the sector.

Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026, the statement noted.

The measures announced apply only to a limited number of banks. These include temporary restrictions on capital distributions, such as dividends and bonuses, to support retention of internally generated funds and bolster capital adequacy.

CBN said it has officially notified all affected banks and that they remain under close supervisory engagement.