Nigeria, Feb. 25 -- The Central Bank of Nigeria (CBN) has revealed that 20 of 33 Nigerian banks have met the new minimum capital requirements, raising N4.05 trillion ahead of the 31 March deadline.

The apex bank governor, Olayemi Cardoso, disclosed this at the end of the Monetary Policy Committee (MPC) 304th meeting held on Tuesday in Abuja.

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

The CBN governor noted that the development is a result of increased investor confidence in the Nigerian banking sector.

Mr Cardoso stated that meeting the new minimum capital requirement re...