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Nigeria's Central Bank has raised the minimum capital base for banks, requiring international banks to have N500B and national banks N200B. All banks must comply within 24 months, starting April 1, 2024. The move aims to strengthen the banking sector amidst challenges like a steep naira devaluation, high inflation, and a weak economy. Many Nigerian banks need to raise capital to meet the new requirements.
Nigeria’s central bank increases the minimum capital requirements for lenders 10-fold as it seeks to bolster the defenses of an industry facing a steep naira devaluation, high inflation and a weak economy https://t.co/n7IoLkIPXh
Nigeria’s central bank increases the minimum capital requirements for lenders 10-fold as it seeks to bolster the defenses of an industry facing a steep naira devaluation, high inflation and a weak economy https://t.co/PdMynqCZWh
A reminder of why it is always good to monitor the capital base of banks and to be aware that central banks can change minimum capital requirements For instance, Kenya's 2024 draft Budget Policy Statement plans to raise commercial banks' core capital from the KES 1B set in 2012 https://t.co/SGByi6GPDx https://t.co/BJsldtx2Vk