In a sweeping financial reform announced on Thursday, March 28, 2024, the Central Bank of Nigeria (CBN) has raised the minimum capital requirements for commercial banks, tailored to the scope of their operations.
Commercial banks with international authorization are now mandated to increase their capital base to N500 billion, while those with national authorization must reach N200 billion. Regional authorization commercial banks are required to meet a N50 billion capital floor.
This policy shift, confirmed by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in Abuja, also affects merchant banks, which now face a N50 billion minimum capital requirement. Additionally, non-interest banks, whether operating nationally or regionally, are tasked with bolstering their capital to N20 billion and N10 billion respectively.
All banks are given a 24-month timeline, commencing from April 1, 2024, to meet the new minimum capital requirements, ending on March 31, 2026.
Source: Parrot Nigeria