The Central Bank of Nigeria (CBN) said 14 banks have met its new minimum capital base requirements under the ongoing recapitalisation programme.
The apex bank had given commercial banks with international authorisation a
₦500 billion benchmark capital base while those with national licences was given ₦200 billion.
On the other hand, regional commercial banks and merchant banks have a threshold of ₦50 billion while non-interest banks with national authorisation are required to meet ₦20 billion, and those with regional licences ₦10 billion.
CBN Governor, Yemi Cardoso, in a communiqué after the 302nd meeting of the Monetary Policy Committee (MPC), said that the recapitalisation exercise has recorded significant progress.
Cardoso noted the progress achieved so far, and promised that the CBN would sustain its policies to ensure the successful completion of the exercise.
He stated that the recent withdrawal of forbearance measures on single obligors has strengthened transparency, improved risk management and bolstered long-term stability in the banking system.
The CBN governor assured the public that the impact of the policy change is temporary and poses no threat to financial stability, price levels or domestic economic conditions.
The last major recapitalisation exercise in Nigeria was in 2004, when the CBN raised the minimum capital base from ₦2 billion to ₦25 billion.
This had triggered widespread mergers and acquisitions which cut down the number of banks in the country from 89 to 25.
