On March 28, 2024, the Central Bank of Nigeria (CBN) unveiled a recapitalisation initiative aimed at enhancing the strength and resilience of the banking sector. This programme is designed to align with the nation's objective of achieving a $1 trillion economy by the year 2030. As part of the initiative, the CBN established new capital thresholds, mandating international commercial banks to secure an authorisation licence of N500 billion, while national commercial banks are also subject to revised capital requirements. The move is intended to bolster the financial system and ensure that banks can effectively support economic growth.
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