CBN raises capital requirements: Mega banks to N500 billion, smaller banks to N200 billion.
The Central Bank of Nigeria (CBN) significantly increased the minimum amount of capital that banks need to have on hand. This is a major reform for Nigerian banks and aims to strengthen the financial system.
- Banks with international licenses now need to have at least N500 billion ($1.1 billion USD) in capital.
- National banks need to have at least N200 billion ($440 million USD) on hand.
- Regional banks need to have N50 billion ($110 million USD).
The new requirements apply to all banks, including merchant and non-interest banks. Banks have until March 31, 2026 to meet the new minimums.
Here are some ways banks can meet the new requirements:
- Raise additional money by selling shares to new investors.
- Merge with other banks.
- Change their license type to one with a lower minimum capital requirement.
The CBN will be monitoring banks to make sure they comply with the new rules.
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