The Central Bank of Nigeria (CBN) has increased the capital basis of commercial banks with international authorization to N500 billion and national banks to N200 billion.
The CBN verified this on Thursday in a statement by Sidi Ali, Acting Director of Corporate Communications.
The top bank’s move necessitates significant increases in banks’ minimum capital bases, which vary depending on the scope of their operations.
The most recent policy directive mandates that commercial banks with international authorization increase their capital base to N500 billion.
She added that commercial banks with national authorization need to meet an N200bn threshold, while those with regional authorization are expected to achieve an N50bn capital floor.
The CBN has not overlooked merchant banks to tighten the financial fabric, now subject to an N50bn minimum capital requirement.
Sidi added that non-interest banks with national and regional authorization must increase their capital to N20bn and N10bn, respectively.
