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The Digest:

Central Bank of Nigeria Governor Olayemi Cardoso has revealed significant progress in the ongoing banking sector recapitalization, confirming that 14 financial institutions have now fully met the new regulatory capital thresholds. The announcement was made during Tuesday's Monetary Policy Committee meeting in Abuja, where the MPC commended the banking system's continued resilience amid broader economic reforms.

Key Points:
  • Fourteen banks have successfully met the CBN's new capital requirements.
  • CBN Governor Olayemi Cardoso announced during the MPC meeting.
  • The committee acknowledged the significant progress in the recapitalization exercise.
  • Banks were given until March 2024 to meet new minimum capital thresholds.
  • International license banks require N500 billion in minimum capital.
  • Several banks have raised funds through rights issues and public offers.
  • The MPC urged continued implementation of policies for successful exercise completion.
The milestone reflects a strengthening financial foundation for Nigeria's banking sector, where regulatory foresight aims to build institutions capable of weathering economic storms and supporting national growth.

Sources: The Cable, CBN Announcement