The Central Bank of Nigeria (CBN) has announced an increase in the minimum capital base for various forms of banks.
A circular signed by the CBN’s Director, Financial Policy and Regulation Department, Haruna Mustafa, announced this.
In it, the threshold of commercial banks with national authorisation is now N200 billion each while those of their international counterparts is N500 billion per bank.
These requirements are to be met within 24 months, precisely between April 1, 2024, and March 31, 2026.
It also made the new requirement for those with regional authorisation, N50 billion while non-interest banks with national and regional authorisations are N20 billion and N10 billion, respectively.
The bankers’ bank went on to suggest ways the banks would raise the new capitals, citing private placements, rights issue or offer for subscription, merger and acquisition as well as upgrade or downgrade of licences.
The last time the CBN increased capital base for banks was 19 years ago when incumbent Governor Charles Soludo of Anambra State was in charge of the apex bank.
The current Anambra governor had raised the capital base from N2 billion to N25 billion.
