The Central Bank of Nigeria (CBN) has extended the deadline for the recapitalisation of micro finance banks in Nigeria by 0ne year.

The new deadline for compliance is now December the 31st, 2013.

The decision was reached at a meeting between the regulatory bank and the national executive committee of the National Association of Microfinance Banks, held at the CBN headquarters in Abuja.

The CBN had previously given the micro finance banks December 31st, 2012  to recapitalise, but the association had asked for an extension to enable its members streamline their operations.

Meanwhile, micro-finance operating branches without due authorisation and approval from the CBN have been advised to close such illegal branches.