Nigerian banks have raised 4.7 trillion naira ($3.4 billion) in fresh capital to meet new regulatory requirements, according to the Central Bank of Nigeria. The capital injection comes as lenders face pressure to strengthen their balance sheets amid economic challenges and currency fluctuations.

The Central Bank of Nigeria had set strict deadlines for financial institutions to bolster their capital reserves, part of broader efforts to stabilize the banking sector. This massive fundraising demonstrates the industry's commitment to meeting regulatory standards despite operating in a challenging economic environment.

The successful capital raising represents a significant milestone for Nigeria's financial sector, ensuring banks have adequate buffers against potential economic shocks. With this requirement met, Nigerian lenders are now better positioned to support economic growth and withstand market volatility.