Central Bank of Nigeria (CBN) has increased the capital base for commercial banks with international authorization to N500 billion.
Gatekeepers News reports that CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the policy shift In a statement.
She further noted that national authorization commercial banks need to meet a N200 billion threshold, while those with regional authorization are expected to achieve a N50 billion capital floor.
This sweeping financial reform, announced on Thursday, March 28, 2024, mandates substantial increases in the minimum capital base for banks, varying by the scope of their operations.
The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.
In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.
This is a developing story
