By Chioma Obinagwam
Nigeria’s apex bank, the Central Bank of Nigeria (CBN), had announced increased minimum capital requirements for banks.
According to the circular signed by Director of the Financial Policy and Regulation Department, Haruna Mustafa, said that all banks were required to meet the new minimum capital requirement within 24 months commencing from April 1 and terminating on March 31, 2026.
Mustafa said that the move is to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy
The minimum capital requirement for banks are as follows:
- International – N500bn.
- National – N200bn.
- Merchant – N50bn.
- Regional (National) – N50bn.
- Regional (Non-Interest) – N20bn.
- Non-Interest (National) – N10bn.
- Non-Interest (Regional) – N1bn.
Confiance News learnt that banks have 24 months to comply, with options including equity injections and license upgrades.
Promoters of new banks must meet new requirements.
Existing banks must submit an implementation plan by April 30, 2024. Compliance will be monitored.
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