Top Stories
CBN Pegs Minimum Capital Base For Banks At ₦500 Billion
The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion.
A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasised that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.
CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday.
According to Ali, the new minimum capital base for commercial banks with national authorisation is now ₦200 billion, while the new requirement for those with regional authorisation is ₦50 billion.
The apex bank also disclosed that the new minimum capital for merchant banks would be ₦50 billion, while the new requirements for non-interest banks with national and regional authorisations are ₦20 billion and ₦10 billion, respectively.
The announcement comes just days after CBN Governor, Olayemi Cardoso, urged deposit money banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system.
Last November, Cardoso, who assumed office two months earlier, had said commercial banks in the country would be directed to increase their capital base to service a $1 trillion economy ambition of the President Bola Tinubu administration.
The last time the CBN increased capital base for banks was in 2005, when the current Anambra State Governor, Charles Soludo, was the apex bank chief. Capital base was raised from ₦2bn to ₦25bn.
- Top Stories24 hours ago
Mohbad’s toxicology result ready…what you need to know
- News24 hours ago
FG to review fresh price hike of DStv, GOtv packages
- Top Stories24 hours ago
Witness Reveals How Ex-HoS, Oyo-Ita, Others Diverted ₦3 Billion To Private Companies
- Top Stories9 hours ago
BREAKING: TINUBU APPOINTS NIGERIA’S RENOWNED BANKER, JIM OVIA AS CHAIRMAN OF NIGERIAN EDUCATION LOAN FUND
- Entertainment23 hours ago
Israeli supermodel, Bar Refaeli accuses Bella Hadid of spreading fake news with photo of ‘starving Gaza child’
- Sports23 hours ago
Osimhen reveals how he was pushed to become like Drogba
- Business and Brands24 hours ago
Glo, MTN, Airtel, Others Move To Raise Tariff
- Entertainment13 hours ago
I lost a relationship because I refused premarital sex – BBNaija Ifuennada