The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion.
CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja on Thursday.
According to Ali, 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 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
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