Nigeria banks raise $3.3bn — now the growth gamble begins

• Nigerian banks raise ₦4.65tn in fresh capital
• 33 lenders meet CBN recapitalisation deadline

ABUJA, NIGERIA – Nigeria’s banking sector has raised ₦4.65 trillion ($3.3bn) in fresh capital, with 33 lenders meeting the central bank’s recapitalisation deadline in a sweeping reform to strengthen financial stability.

The Central Bank of Nigeria (CBN) said late Wednesday that the exercise, which ran for more than 24 months and ended on March 31, had significantly bolstered the resilience of the country’s financial system.