The Central Bank of Nigeria has raised the capital base for commercial banks with international authorization to N500bn and national banks to N200bn.
The apex bank announced this in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday.
The CBN’s move 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 N500bn.
She added that national authorization commercial banks need to meet an N200bn threshold, while those with regional authorisation are expected to achieve an N50bn capital floor.
In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to N50bn minimum capital requirement
Sidi added that non-interest banks with national and regional authorisation will need to increase their capital to N20bn and N10bn respectively.
