The Central Bank of Nigeria (CBN) has addressed the growing fear and concerns raised by depositors regarding the ongoing 2026 bank recapitalisation exercise over fears of losing money should banks not meet the March 31st deadline.
According to a post cited by TVC News on the official Instagram page of the CBN, the apex bank spotlighted the frequently asked questions by Nigerians regarding the exercise amid fears of banks losing operation licenses and depositors’ funds.
On the exercise, CBN explained that recapitalisation is a routine process where banks increase their capital base to make them stronger, more resilient and better able to serve customers and support the economy.
Regarding the March 31st deadline set for banks, CBN said, “March 31, 2026, marks the deadline for banks to meet recapitalisation requirements. This is not a negative. It is specifically designed to safeguard and strengthen customer deposits, ensuring that banks remain resilient and depositors’ funds are better protected. Daily banking services continue without disruption.”
CBN noted that conversation on the exercise was expected because it is an important regulatory milestone, stressing that the exercise does not pose any danger to the public or their deposits, adding that the deadline is a timeline set for banks, not customers.
The apex bank explained that customers will directly benefit from the exercise because it makes banking operations stronger and more resilient, better customer protection, improved service delivery and more stable financial operations.
CBN stressed that the Nigerian banking sector is sound, stable, and operating normally, adding that “there is no crisis.”
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CBN disclosed that the recapitalisation process is supervised to ensure stability across the entire sector, allaying fears that banks are at risk of shutting down operations, adding that the exercise strengthens banks and protects customer deposits, saying, “Your money remains safe, and daily banking continues as usual.”
On customers’ salary and savings accounts, CBN said, “Your accounts and funds are unaffected. Banking products and services continue as normal.”
On the increased cost of banking services, CBN said, “Recapitalisation is about strengthening banks, not increasing customer charges.”
On banks’ operation hours and services, CBN said, “Banking services remain unchanged. Customers can continue to use ATMs, apps, branches, and online services as usual.”
Regarding rumours and viral, misguided content on social media suggesting that banks will freeze accounts, CBN said, “This is false. Banks will not freeze customer accounts. Please ignore unverified social media rumours.”
CBN advised customers to compare information with official announcements, contact the bank through verified customer service channels, and avoid sharing PINs, passwords, or OTPs with anyone.
The apex bank also urges customers to always rely on official statements from their respective banks, the Central Bank of Nigeria, or verified information sources.
