He said the move is in line with President Bola Tinubu’s $1 trillion economy target.
As Nigeria seeks to achieve this target, the CBN believes Nigerian banks have to be fortified to withstand potential shocks, contribute to the country’s economic growth and at the same time prepare them for the envisioned larger economy.
Four months after the announcement, the CBN on Thursday, March 28, 2024, raised the minimum capital requirement for Deposit Money Banks (DMBs) with national licences from ₦25 billion to ₦500 billion for banks with international authorisation, while the capital base for commercial banks with national authorisation is pegged at ₦200bn.
