From Our Correspondent
The Central Bank of Nigeria (CBN), on Thursday, announced new minimum capital requirements for banks to enhance banks’ resilience and strengthen the country’s financial system.
The Apex bank said it is pegging the minimum capital base for commercial banks with international authorisation at N500 billion ($353.32 million).
It also said it will have a new minimum capital base for commercial banks with national authorisation at N200 billion, while the new requirement for those with regional authorisation will be N50 billion.
To help banks meet the new capital requirements, CBN urged them to consider options including fresh equity capital injections, mergers and acquisitions.
It also suggested upgrading or downgrading license authorisation.
The banks have two years to meet the new capital requirements, according to the statement.
Inflation in Nigeria is above 30 per cent at an annual rate, the highest in almost three decades.
This is fanning a cost-of-living crisis that has left millions of people in Africa’s most populous nation struggling to meet basic needs.
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