Nigerian Banks Raise $3.4 Billion to Meet New Capital Standards

Nigerian lenders raised 4.7 trillion naira ($3.4 billion) in fresh capital to meet a deadline to strengthen their balance sheets, the Central Bank of Nigeria said.

The regulator lifted minimum capital requirements by up to 10 times in 2024 and gave lenders two years to meet the new thresholds. It said the exercise drew support from both domestic and international investors and showed confidence in the sector.