Nigerian banks are facing a significant transformation due to new capital requirement rules imposed by the central bank, potentially triggering the largest mergers and acquisitions activity in the sector in two decades. The regulatory changes, aimed at strengthening the financial system, could lead to a multibillion-dollar wave of M&A and possible job cuts. This overhaul, described as marking the start of a new era for Nigeria's banking sector by Central Bank governor Yemi Cardoso, coincides with the rising role of fintechs in the economy. Additionally, the Central Bank has announced that loans secured with dollar-denominated collateral must be wound down within 90 days, adding another layer of urgency for banks to comply with the new regulations.