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The central bank of nigeria cbn has raised the capital requirements for commercial, merchant and non interest banks in nigeria, to maintain a safe, sound and stable banking system .
In a circular sent to all banks and signed by director, financial policy and regulations department of the cbn, haruna mustapha indicates that commercial banks with international authorisation are to meet the minimum requirement of n500, n200 billion for national banks, 50 billion for regional and merchant banks. While n20 and n10 billion were set for non interest banks at national and regional levels.
The apex bank says all banks are required to meet the minimum capital requirement within 24 months starting from april 1st, 2024 to 31st march, 2026.
The move is said to be inline with section 9 of the banks and other financial institutions act (bofia)2020.
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