The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorization at ₦500 billion.

A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized 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.

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 authorization is now ₦200 billion, while the new requirement for those with regional authorization is ₦50 billion.

The apex bank also disclosed that the new minimum capital for merchant banks would be ₦50 billion, while the new requirements for non-interest banks with national and regional authorizations are ₦20 billion and ₦10 billion, respectively.

The announcement comes just days after CBN Governor, Olayemi Cardoso, urged deposit money banks to expedite action on the recapitalization of their capital base in order to strengthen the financial system.