Third of Nigeria Banks Meet Capital Requirements Before Deadline

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.