The Central Bank of Nigeria (CBN) has revealed that thirteen banks in the country have not yet met the new recapitalization requirements as the March 31 deadline approaches.
The announcement came after the bank’s 304th Monetary Policy Committee meeting.
Out of 33 banks that raised additional capital, only 20 have reached the minimum capital needed under the latest rules.
The CBN urged all banks to complete the recapitalization process to strengthen the financial system.
The new capital requirement was announced in March 2024, giving banks until March 31, 2026, to meet the set standards.
The CBN noted that the banking sector continues to show resilience while moving toward a fully recapitalized system.
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