On 28 March 2024, the Central Bank of Nigeria revised the minimum capital requirements for banks aimed at strengthening the Nigerian financial system and actualizing the Nigerian Government’s objective to achieve a US$1 trillion economy in gross domestic product terms by 2030.
Twenty years after the minimum capital requirements for banks were last reviewed, the CBN through a circular dated 28 March 2024 has announced an upward review of the minimum capital requirements for commercial, merchant, and non-interest banks in Nigeria (the “Recapitalisation Circular”) aimed at strengthening the Nigerian financial system and expressly noted as part of the Nigerian Government’s objective to achieve a US$1 trillion economy in gross domestic product (GDP) terms by 2030.
This client alert highlights the significant changes made by the Recapitalisation Circular and the implications for the Nigerian banking sector.
Key Aspects of the Circular & Market Impact
- Minimum Capital Requirements
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