Nigeria, March 7 -- The Central Bank of Nigeria (CBN) has stated that Nigeria's bank recapitalisation exercise is progressing as 30 banks have already met the new minimum capital requirements ahead of the 31 March deadline.

The bank disclosed this in a statement signed by its Acting Director, Corporate Communications, Hakama Ali, on Friday.

In March 2024, the CBN introduced a revised recapitalisation policy that requires Nigerian banks to raise their capital base within 24 months, with the compliance period running from 1 April 2024 to 31 March 2026.

At the recent Monetary Policy Committee (MPC) meeting in February, the central bank revealed that 20 of 33 Nigerian banks had met the new minimum capital requirements, raising N4.05 trilli...