The Central Bank of Nigeria (CBN) on Thursday announced an increase in the capital base for different categories of banks in the country.
A statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, said the capital base of banks with international authorisation had been increased to N500 billion while that of national banks was increased to N200 billion.
The CBN noted that commercial banks with regional authorisation are expected to achieve a N50 billion capital base. In contrast, merchant banks are expected to shore up their capital to N50 billion as the minimum capital requirement.
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The apex bank directed non-interest banks with national and regional authorisations to boost their capital to N20 billion and N10 billion, respectively.
The CBN noted that all banks are required to meet the minimum capital requirement within 24 months, commencing from 1 April and terminating on 31 March 2026.
Details later…
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