Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the nation’s financial system, the Central Bank of Nigeria (CBN), on Thursday, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion.
The central bank, in a statement, said the new minimum capital base for commercial banks with national authorisation is now N200billion, while the new requirement for those with regional authorization is N50billion.
Acting director, corporate communications department of the CBN, Mrs Hakama Ali, in the statement also disclosed that the new minimum capital for merchant banks would be N50billion, while the new requirements for non-interest banks with national and regional authorisations are N20billion and N10billion, respectively.
She quoted a circular signed by the director, financial policy and regulation department of the apex…
Source: Leadership Newspaper
