Nigerian banks have 24 months to recapitalise their capital base to at least N500 billion international authorisation capitalisation to continue operations in the country, the Central Bank of Nigeria (CBN) has said.
This comes after the apex bank urged Nigerian banks to expedite action on the recapitalisation of their capital base to strengthen the financial system.
The Central Bank of Nigeria (CBN) yesterday, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion.
The CBN further said the new minimum capital for merchant banks would be N50 billion, while the new requirements for non-interest banks with national and regional authorisations are N20 billion and N10 billion, respectively.
A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest…
Source: Guardian Newspaper
