Nigeria’s central bank said about a third of lenders have met its new capital requirements threshold ahead of a March deadline.
“Eight banks have fully met the recapitalization requirements, while others are making progress towards meeting the deadline,” Governor Olayemi Cardoso said at briefing in the capital, Abuja on Tuesday, to announce the central bank’s interest-rate decision.
The country has 26 commercial lenders, data on the central bank’s website shows.
The Central Bank of Nigeria last year increased the minimum capital requirement for lenders 10-fold to strengthen the industry against risks from high inflation, a weak economy and a steep naira devaluation.
The country’s top banks including Access Holdings Plc, Guaranty Trust Holding Company and Zenith Bank plc previously announced that they had met the deadline.
Smaller ones such as Providus Bank Ltd and Unity Bank plc have announced plans to merge to meet the requirements.
