Commercial banks have been issued with minimum capital requirements, pegging the minimum capital base with international authorisation at N500 billion.
The Central Bank of Nigeria (CBN) made the unveiling on Thursday, ROYAL NEWS reports.
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.
According to the statement, 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.
The announcement comes just days after CBN Governor, Olayemi Cardoso, urged deposit money banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system.
