The Central Bank of Nigeria has announced a new capital base requirements for banks with a minimum of N500 billion.
A statement was signed by Haruna Mustapha, director financial policy and regulation department and obtained on the apex bank’s website.
According to the memo, the new minimum capital base for international banks is pegged at N500 billion while the commercial banks with national authorisation are required to recapitalize with N200 billion, while the new requirement for those with regional authorisation is N50 billion.
The announcement comes just days after CBN Governor, Olayemi Cardoso urged deposit money banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system.