The Central Bank of Nigeria (CBN) has increased the capital base for commercial banks with international authorization to N500 billio and national banks to N200 billion.
This sweeping financial reform, announced on Thursday, March 28, 2024, mandates substantial increases in the minimum capital base for banks, varying by the scope of their operations.
The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 Billion.
The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the policy shift in Abuja, further detailing that national authorization commercial banks need to meet a N200 Billion threshold, while those with regional authorization are expected to achieve a N50 Billion capital floor.
In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 Billion minimum capital requirement.
Furthermore, non-interest banks with national and regional authorizations will need to bolster their capital to N20 Billion and N10 Billion respectively.
Details shortly….
