13 Nigerian Banks Fail to Meet Recapitalization Deadline

As of the recent address by Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), thirteen Nigerian banks have yet to meet the new minimum capital requirements set by the CBN, with a deadline approaching on March 31, 2024. During the 304th Monetary Policy Committee (MPC) meeting, Cardoso noted that out of 33 banks, 20 have successfully raised additional capital to meet the revised minimum capital threshold.

The MPC acknowledged the ongoing resilience of Nigeria's banking sector but stressed the importance of full compliance with the recapitalization directive. The CBN aims to strengthen the banking sector's capacity to support economic growth and improve its ability to absorb shocks, with a new recapitalization framework set for compliance by March 31, 2026.

As the deadline draws near, attention is focused on the 13 banks expected to meet the capital threshold in the coming week.