The Central Bank of Nigeria (CBN), on Thursday, announced new minimum capital requirements for Nigeria banks, Pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion.

The new minimum capital base for commercial banks with national authorisation is now ₦200 billion, while that of banks with regional authorisation is ₦50 billion.

Also, the CBN pegged the new minimum capital for merchant banks at ₦50 billion, while the new requirements for non-interest banks with national and regional authorisations are ₦20 billion and ₦10 billion, respectively.

These developments were contained in a circular on Thursday to all commercial, merchant, and non-interest banks and promoters of proposed banks, signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, the apex bank stated that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026