According to a Central Bank of Nigeria breakdown of Nigerian banks by license class, at least 28 of the nation's banks are presently prohibited from conducting business abroad. Banks having international authorization are allowed to conduct cross-border banking operations and operate outside of Nigeria's borders under CBN's regulatory framework. Access Bank, Fidelity Bank, First City Monument Bank, First Bank Nigeria, Guarantee Trust Bank, United Bank for Africa (UBA), and Zenith Bank are the only seven banks that now possess that designation.
This indicates that there is no international operating clearance for any of Nigeria's other regulated banks. Rather, they concentrate on domestic business and possess national or regional licenses. The CBN began a two-year recapitalization exercise in 2024 with a deadline of March 2026 in an attempt to fortify the banking industry.
Banks with a recapitalized base of N200 billion are allowed to operate throughout Nigeria but not overseas, while those with a base of N50 billion are restricted to regional operations, according to CBN. A minimum capital base of N500 billion is required for international banks. National and regional banks, as well as organizations in the merchant and non-interest banking sectors, are all impacted by the legislation.
The list of banks that the Central Bank of Nigeria has not approved for offshore operations is shown below. After the recapitalization procedure is finished, the list could be altered.
Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited, and Optimus Bank Limited are examples of national banks.
Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited are examples of regional banks.
Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited are non-interest banks.
Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited are examples of merchant banks.
