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The bank expected a further 20 percent devaluation in the naira, eroding capital ratios for several of Sterling's rivals exposed to foreign currency assets and potentially triggering mergers.
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Nigerias Sterling Bank is aiming to buy one or two mid-sized commercial lenders as sharp falls in the value of the naira and increased regulatory pressure are forcing banks to recapitalize, its chief financial officer said on Friday.
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Abubakar Suleiman also told Reuters the bank expected a further 20 percent devaluation in the naira, eroding capital ratios for several of Sterling's rivals exposed to foreign currency assets and potentially triggering mergers.
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