The Central Bank of Nigeria (CBN) on Thursday announced an increase in the capital base for different categories of banks in the country.
A statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, said the capital base of banks with international authorisation had been increased to minimum of N500 billion while that of national banks was increased to N200 billion.
The CBN noted that commercial banks with regional authorisation are expected to achieve a N50 billion capital base.
In contrast, merchant banks are expected to shore up their capital to N50 billion as the minimum capital requirement.
The apex bank directed non-interest banks with national and regional authorisations to boost their capital to N20 billion and N10 billion, respectively.
The CBN noted that all banks are required to meet the minimum capital requirement within 24 months, commencing from 1 April and terminating on 31 March 2026.
The Federal Government of Nigeria has taken a historic step in its commitment to the…
Experts have called for a stronger commitment to ethical journalism, data-driven reporting, and responsible storytelling…
The All Progressives Congress (APC) governorship candidate for Ogun State for the 2027 election, Senator…
Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot price of Premium…
Zamfara State Government under the leadership of Governor Dauda Lawal has earmarked N7.2 billion for…
BY OLADAPO SOFOWORA In the relentless theatre of Lagos' environmental space, the stakes are measured…