 has revealed that thirteen of the nation's banks are still working to hit their recapitalization targets as the critical March 31st deadline){kind=link}
The Central Bank of Nigeria (CBN) has revealed that thirteen of the nation’s banks are still working to hit their recapitalization targets as the critical March 31st deadline quickly approaches.
The Governor of the CBN shared this update on Tuesday during a press briefing following the conclusion of the 304th Monetary Policy Committee meeting.
He explained that of the 33 banks currently navigating the process, 20 have successfully reached the new minimum capital benchmarks set by the regulator.
During the session, the MPC encouraged the remaining banks to stay focused on successfully completing their capital-raising programs before the window closes.
“Members acknowledged the continued resilience of the banking sector,” the Governor noted during his address.
Discussing the progress of the initiative, he said: “With regards to the ongoing recapitalization program.
The committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirements, reaffirming steady progress to a reboosted and recapitalized financial system.”
This entire effort began in March 2024, when the apex bank introduced the new capital requirements, giving Nigerian banks until March 31st, 2026, to fortify their financial foundations.