14 banks have met new capital requirement – Cardoso

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Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says 14 Nigerian banks have fully met the new capital requirement in the ongoing recapitalisation exercise. In the current recapitalisation exercise, commercial banks with international authorisation now have a new capital requirement of N500 billion. Commercial banks with national authorisation have N200 billion as capital requirement, and commercial banks with regional authorisation have N50 billion. Merchant banks have a requirement of N50 billion, non-interest banks (national) N20 billion and non-interest banks (regional), N10 billion. According to Cardoso, members of the MPC acknowledged the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.