The Central Bank of Nigeria, CBN, on Thursday, March 28, has pegged the minimum capital base for commercial banks with international authorisation at N500 Billion.
According to the CBN’s Acting Director of its Corporate Communications Department, Mrs. Hakama Sidi, the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.
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Mrs. Sidi Ali added that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.
In order to enable the banks to meet the minimum capital requirements, the CBN is urging banks to consider injecting fresh equity capital through private placements, rights issues and/or offers for subscription, Mergers and Acquisitions (M&As), and/or upgrade or downgrade of licence authorisation.
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