The Central Bank of Nigeria, (CBN), on Thursday increased the minimum capital base for commercial, merchant and non-interest banks.
The apex bank announced this in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja today
According to Ali, national authorization commercial banks need to meet a N200 billion threshold, those with international authorization to N500 billion 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 improve their capital base to N20 billion and N10 billion respectively.
The apex bank also noted 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.
The last time the CBN increased capital base for banks was in 2005, from ₦2bn to ₦25bn.
