The Central Bank of Nigeria (CBN) has increased the capital requirements for commercial, merchant and non-interest banks in Nigeria.
Henceforth, commercial banks with international spreads are required to have N500 billion, while those with national and regional spread must have N200 billion and N50 billion as their capital bases, respectively.
A circular issued to that effect on Thursday attributed the upward review to the current challenges in the macroeconomic landscape occasioned by external and domestic shocks.
Details later…
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