The Central Bank of Nigeria, CBN, has raised minimum capital requirements for banks in the country.
The apex bank made this known in a circular signed by the Financial Policy and Regulation Department Director, Haruna Mustafa, and issued to all commercial, merchant and non-interest banks.
The CBN pegged the minimum capital base for commercial banks with international authorisation at N500 billion from N50 billion in 2005.
Also, it benchmarked the minimum capital requirement for banks with National Spread at N200 billion, Regional spread at N50 billion and Merchant Banks at N50 billion.
Others are National Non-Interest Banks at N20 billion and Regional Non-interest Bank at N10 billion.
According to the banker’s bank directive, all banks are required to meet the minimum capital requirement within 24 months starting from April 1, 2024, and terminating on March 31, 2026.
