The Governor of the Central Bank of Nigeria CBN, Olayemi Cardoso, on Tuesday disclosed that 14 Nigerian banks have so far fully met the new capital requirement under the apex bank's ongoing recapitalisation exercise.
Cardoso made this known in Abuja while presenting the communique from the 302nd meeting of the Monetary Policy Committee MPC, where he also unveiled further details of the recapitalisation programme.
He explained that commercial banks with international licences are now required to shore up their capital base to ?500 billion, those with national authorisation must hold ?200 billion, while regionally authorised banks must meet ?50 billion. Merchant banks are expected to have ?50 billion, national non-interest banks ?20 billion, and regional non-interest banks ?10 billion as minimum capital.
