CBN

Major Nigerian lenders are exploring consolidation and completing capital raise programs ahead of the Central Bank of Nigeria's recapitalization deadline, with FCMB Group reaching N266.5 billion in verified eligible capital and South Africa's FirstRand eyeing market entry.

Debt servicing costs are consuming Nigeria's government revenues following President Tinubu's removal of petrol subsidies and naira float, while a N210 trillion NNPC accounting discrepancy deepens fiscal uncertainty.

Depositors affected by Heritage Bank's liquidation have appealed directly to President Bola Tinubu and CBN Governor Olayemi Cardoso for immediate reimbursement, while tensions eased between the Senate Finance Committee and the Corporate Affairs Commission following an apology from its registrar-general.

Optimus Bank has met the Central Bank of Nigeria's recapitalisation requirements with 28 days to spare, raising its paid-up capital to N200 billion, while the Senate Finance Committee withdraws its recommendation to remove the CAC Registrar-General.

Nigeria's Central Bank reports 20 lenders have satisfied revised minimum capital thresholds ahead of the March 2026 deadline, while pension fund equity allocations climbed to N3.96 trillion over five years, signaling strengthened institutional participation in domestic markets.

Nigeria's currency weakened N3.25 at the official foreign exchange window while strengthening N25 in the parallel market to N1,340/$, as crude oil prices extended gains amid escalating US-Iran tensions.