The Central Bank of Nigeria raises minimum capital requirements for banks amid economic growth projections
The Central Bank of Nigeria (CBN) has announced a considerable rise in the minimum capital requirements for banks in the country.
This action is intended to boost the banking system and assist Nigeria’s projected $1 trillion GDP. The new rules, which take effect on April 1, 2024, will result in significant hikes for banks at all authorization levels.
Banks have a two-year window to comply, with several options available, including more capital, mergers and acquisitions, and licence upgrades/downgrades.
The CBN emphasises the need of adhering to the minimum capital adequacy ratio (CAR) in conjunction with tough anti-money laundering laws.
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