CBN increases capital requirement for major banks to N500 billion as naira falls to N1309 against the dollar in official market.

The Central Bank of Nigeria (CBN) has announced new minimum capital requirements for banks, with commercial banks holding international authorisation now required to have a minimum capital base of ₦500 billion. This directive, disclosed by the acting CBN director, applies to national banks, which must maintain a ₦200 billion capital base. Additionally, regional-authorised banks are expected to achieve a ₦50 billion threshold. The move comes following the recent Monetary Policy Committee meeting, where the CBN Governor urged banks to strengthen their financial systems against potential risks. Furthermore, the Nigerian Naira has depreciated against the dollar, falling to N1,309.39 at the official market. Despite this, trading volume has significantly increased.

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