Thirty banks have met the new capital requirements set by the Central Bank of Nigeria (CBN) as the March 31 deadline approaches. The CBN says the banking system remains stable and sound, with the recapitalisation programme on track to strengthen the sector’s capacity to support economic growth.
The banks met the requirements through rights issues, initial public offerings (IPOs), and private placements. The CBN will continue to supervise institutions to ensure compliance with prudential and capital requirements.
CBN Governor Olayemi Cardoso had earlier said 20 banks had met the requirements, with 13 others at the advanced stage of capital raising. As of February 19, the total verified capital raised was N4.05 trillion, with N2.90 trillion mobilised domestically and $706.84 million from foreign investors.
The CBN’s recapitalisation programme aims to strengthen the financial system’s resilience and stability. Minimum capital thresholds range from N10 billion for regional non-interest banks to N500 billion for commercial banks with international authorisation.
