The Central Bank of Nigeria (CBN) has confirmed that eight banks have successfully met the new minimum capital requirements for their licenses.
This milestone is part of the CBN’s recapitalization program launched in March 2024, aiming to strengthen the banking sector’s stability and capacity to finance large-scale economic projects by March 31, 2026.
Commercial banks with international licenses need N500 billion in minimum share capital and share premium while
National banking licenses require N200 billion.
The CBN Governor, Olayemi Cardoso, stated that many banks have made significant progress in meeting these requirements, with over N2 trillion raised in 2024.
The Monetary Policy Committee (MPC) also retained key rates, keeping the Monetary Policy Rate (MPR) at 27.50%, to sustain disinflation momentum and control price pressures.
