CBN don finish bank recapitalisation, now dey monitor crypto transactions

Omo, big news don burst for Nigeria banking sector! The Central Bank of Nigeria (CBN) don finally conclude that long bank recapitalisation exercise wey dem start since 2024. After two years of wahala, the regulator say 33 banks don meet the new capital requirements wey dem set.

According to the CBN, all these banks together raise money reach N4.65 trillion. But wait o, make we look am well. When you convert that money to dollars, e no too far from wetin banks raise for 2005. For 2005, banks raise N406.4 billion, which be about $3.1 billion at that time. Now, with naira wey dey around N1,380 to dollar, the N4.65 trillion na about $3.37 billion. So the difference no too much when you look am for dollar eye.

One interesting thing na say Nigerian investors demself provide 72.55% of all the money wey banks raise. Foreign investors just bring the remaining 27.45%. This one show say our people still believe for our banks, even though foreign investors no too show face like before.

Now, as CBN don finish with this recapitalisation matter, dem don quickly move to another serious issue: cryptocurrency monitoring. The regulator don start pilot programme wey go involve six crypto-related companies. The companies wey dem select na cNGN, Flutterwave, Juicyway, KoinKoin, KuCoin, and Paystack.

This pilot programme begin on March 31, and e go focus on anti-money laundering and counter-terrorism financing monitoring. The CBN say dem want make sure these crypto companies dey follow global standards for financial transparency. But make nobody confuse am – this participation no mean say CBN don give dem license or full approval. E just be say dem want monitor how dem dey operate.

Under this programme, the crypto companies must submit monthly compliance reports. Dem go also undergo governance and transaction-monitoring assessments. Another important requirement na say dem must show how dem go implement the Financial Action Task Force (FATF) Travel Rule. This rule require say financial institutions must share information about who send money and who receive am.

The programme go roll out in phases, and for now, no new companies fit join. This move show say CBN no dey sleep again for crypto matter. As more Nigerians dey use cryptocurrency, the regulator don decide say dem go monitor the space well well.

Meanwhile, for stock market side, banking stocks don help push the market up as second quarter of 2026 begin. The Nigerian equities market gain N599 billion, with Zenith Bank and GTCO leading the charge. Zenith Bank share rise by 7.52% to close at N103, while GTCO appreciate by 7.37% to close at N120.95.

But wait, another news still dey. The Federal Government don declare Friday, April 3 and Monday, April 6, 2026 as public holidays for Easter celebration. This mean say all banks and financial institutions go close their branches for those two days. Customers dem go need to use digital platforms like ATMs, mobile apps, and USSD services for their transactions during the holiday period.

And as if all these news no enough, CBN don direct all banks to conduct comprehensive stress tests starting from April 1, 2026. The results must reach CBN before April 30, 2026. This one na another regulatory requirement wey banks must face after just finishing recapitalisation.

For those wey dey wonder which banks fit operate internationally, CBN list show say only seven banks get that permission: Access Bank, Fidelity Bank, First City Monument Bank, First Bank Nigeria, Guaranty Trust Bank, United Bank for Africa, and Zenith Bank. The other 28 banks wey dey Nigeria no fit open branches outside the country.

CBN Governor Olayemi Cardoso talk say the strengthened capital base go help banks better absorb economic shocks and support long-term growth. But as banks dey celebrate meeting capital requirements, dem still get plenty regulatory matters to face. From crypto monitoring to stress tests, the work no dey finish for Nigerian banking sector.