CBN to Increase Banks Capital Base to N907bn

The Central Bank of Nigeria has been projected to raise the minimum capital requirement for commercial banks with international banking licenses to N907.27 billion from N50 billion.

A Banking Sector FY 2024 Outlook produced by CardinalStone Securities disclosed this in its recent report.

The report projected that banks’ capital base might rise from N181.85 billion for regional banking licences to N909.27 billion for international banking licenses to meet the federal government’s N1 trillion economy.

Banks may be expected to boost capital base to between N181.85 billion (for regional banks) and N909.27 billion (for international banks), given 2024 real GDP of $472.6 billion and exchange rate of N841.61/$ as of December 20, 2023”, the report said.

The development came after Central Bank of Nigeria governor, Olayemi Cardoso said the apex bank would ask lenders to raise more capital to support the Federal Government’s vision to grow the economy to a $1 trillion economy.