The Central Bank of Nigeria (CBN) on Thursday unveiled a new minimum capital base for banks.
According to the CBN, the new minimum capital base for commercial banks with international authorisation is now N500 billion.
A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.
CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday, March 28, 2024.
According to Ali, the new minimum capital base for commercial banks with national authorisation is now N200 billion, while the new requirement for those with regional authorisation is N50 billion.
The apex bank also disclosed that the new minimum capital for merchant banks would be N50 billion, while the new requirements for non-interest banks with national and regional authorisations are N20 billion and N10 billion, respectively.
