BREAKING: CBN raises Minimum Capital Base of Banks to N500bn

The Central Bank of Nigeria (CBN) has pegged the minimum capital base for commercial banks with international authorisation at N500 billion.

In a circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, the apex bank gave all commercial, merchant, and non-interest banks and promoters of proposed banks 24 months, commencing from April 1, 2024, and terminating on March 31, 2026, to meet the requirement.

According to CBN, the new minimum capital base for commercial banks with national authorisation is now N200 billion, while the new requirement for those with regional authorisation is N50 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 N20 billion and N10 billion, respectively.

More to follow…