The Central Bank of Nigeria (CBN) has put the minimum capital base for commercial banks with international authorisation at N500 billion.
This was contained in a circular issued by the CBN Director, Financial Policy and Regulation Department, Haruna Mustafa, and directed to all commercial, merchant, and non-interest banks across the country.
The apex bank noted directed all banks to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.
READ ALSO: http://Ogun govt, NFWP empower women
Confirming the development on Thursday, the CBN spokesperson, Hakama Sidi-Ali, said 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.
Sidi-Ali noted that the new minimum capital for merchant banks is N50 billion, while the new requirements for non-interest banks with national and regional authorisations are N20 billion and N10 billion, respectively.