The Central Bank of Nigeria (CBN) has introduced substantial increases in the minimum capital base for banks, effective immediately.
The recent policy shift, announced on Thursday, March 28, 2024, mandates a significant capital upgrade for banks operating at different authorization levels.
Commercial banks with international authorization must now elevate their capital base to N500 billion, while national banks are required to reach N200 billion.
Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, confirmed these changes in Abuja. She emphasized that banks with regional authorization must meet a minimum capital threshold of N50 billion.
Merchant banks are not exempt from the financial overhaul, as they are now mandated to have a minimum capital base of N50 billion.
The new policy also extends to non-interest banks, with national authorization banks needing to bolster their capital to N20 billion and those with regional authorization to N10 billion.
This strategic move by the CBN aims to strengthen the financial sector and ensure robust capitalization among banks operating in Nigeria.
