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The recapitalization of Nigeria’s banking system is a rare policy moment that is simultaneously technical, misunderstood, and profoundly consequential. To many outside the financial system, the directive by the Central Bank of Nigeria seemed almost literal: banks were told to “raise capital,” and so the public imagined vaults filling with cash, stacked somewhere under central […]
read more Capital is not cash: Understanding the CBN’s recent banks recapitalization
