CBN recapitalization deadline March 31: Banks unable to meet requirements face customer transfers
By March 31, 2026, banks failing to meet Central Bank of Nigeria's minimum capital requirements or secure a merger will transfer customers to other institutions, according to Dr. Uju Ogunbunka, president of the Bank Customers' Association of Nigeria. Speaking Monday, Ogunbunka clarified there's no risk to deposits, only potential bank switches. 'I don't think there is risk here other than the bank's customers moving to other banks in the case of inability to get a merger or liquidation,' he stated. CBN data shows at least 20 banks already met requirements, though exact figures remain updated daily. Customers should monitor their bank's status and be prepared to switch if necessary.