Nigeria: Banks' Minimum Capital Base Now N10 Billion

9 September 2010

Lagos — With as low as N10 billion, you can now get a banking licence - but you will only be able to operate at a regional level. The Central Bank of Nigeria (CBN) yesterday released new guidelines for commercial banks, classifying them into three: Regional, National and International.

Regional banks must have a minimum paid-up capital of N10 billion, while national must have N25 billion and international N50 billion. Since December 2005 when the banking sector consolidation exercise spearheaded by immediate past CBN Governor Prof. Chukwuma Soludo became effective, all commercial banks in Nigeria had a uniform capital of N25 billion.

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