Nigeria central bank tells 3 banks to recapitalise by June

LAGOS: Nigeria's central bank has given three commercial banks until June 2016 to recapitalise after they failed to meet the minimum capital adequacy ratio of 10 percent, it said in a report on its website.

The central bank said 14 banks in Africa's biggest economy have licenses to operate as regional and national lenders with respective capital bases of 10 billion naira ($50 million) and 25 billion naira, and the three asked to raise fresh funds were from this group.