The Central Bank of Nigeria (CBN) has increased the minimum capital requirement for Deposit Money Banks (DMBs) with national licences from N25 billion to N200 billion.
The Central Bank of Nigeria has increased the minimum capital requirement for Deposit Money Banks with national licences from N25 billion to N200 billion.The Central Bank of Nigeria has increased the minimum capital requirement for Deposit Money Banks with national licences from N25 billion to N200 billion.
The News Agency of Nigeria reports that the move is coming days after the Monetary Policy Committee meeting. Mustafa urged banks to consider injecting fresh equity capital through private placements, rights issues and offers for subscriptions to meet the new minimum capital requirements. “The CBN will continue to process all pending applications for banking licences for which a capital deposit had been made and an Approval-in-Principle had been granted.
About six months after President Bola Tinubu recalled all career and non-career ambassadors in diplomatic missions worldwide, their offices in embassies and consulates have remained vacant.Banks have 24 months to recapitalise their capital base to at least N500 billion international authorisation capitalisation to continue operations in the country, the Central Bank of Nigeria has said.
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