CENTRAL BANK OF NIGERIA: REVIEW OF MINIMUM CAPITAL REQUIREMENTS FOR BANKS

Introduction

On 28 March 2024, the Central Bank of Nigeria (CBN) issued a circular to all commercial, merchant, and non-interest banks, and promoters of proposed banks on the upward review of minimum capital requirements for banks in Nigeria (the CBN Circular). The apex bank announced that it had introduced this upward review in furtherance of its statutory responsibility to promote a safe, sound, and stable banking system in line with Section 9 of the Banks and Other Financial Institutions Act (BOFIA) 2020.