Nigerian Banks Raise N4.61 Trillion in Fresh Capital

The Central Bank of Nigeria (CBN) disclosed that Nigerian banks have successfully raised N4.61 trillion in fresh capital, with 27% of this amount sourced from foreign investors. This announcement was made in a press statement issued on Tuesday, following remarks by CBN Governor Olayemi Cardoso at the 4th Annual IMF AFRITAC West 2 High-Level Executive Forum on Financial Sector Regulation and Supervision held in Abuja.

The recapitalization is part of the CBN's Bank Sector Recapitalization Program, which aims to strengthen the financial system in light of ongoing macroeconomic reforms. The N4.61 trillion capital inflow represents an increase of N560 billion compared to the previous deadline of March 31 for the recapitalization exercise.

The CBN emphasized the importance of improved investor confidence and the need for stronger collaboration among African regulators, particularly regarding cross-border financial activities. The forum also highlighted the CBN's commitment to enforcing credit discipline among large borrowers and addressing non-performing loans.