The Central Bank of Nigeria has increased the capital requirements for commercial banks with international authorization to N500 billion and for national banks to N200 billion.

This was announced in a statement signed by Sidi Ali, Acting Director, Corporate Communications, and issued on Thursday.

The CBN’s move necessitates significant increases in banks’ minimum capital base, which vary depending on the scope of their operations.

The most recent policy directive mandates that commercial banks with international authorization increase their capital base to N500 billion.

She went on to say that commercial banks with national authorisation must meet a capital level of N200 billion, whereas those with regional authorization must reach a N50 billion restriction.

In its efforts to tighten the financial fabric, the CBN has not neglected merchant banks, which are now subject to a N50 billion minimum capital requirement.

Sidi further stated that non-interest banks with national and regional authorization will need to enhance their capital to N20 billion and N10 billion, respectively.