On 28 March 2024, the Central Bank of Nigeria (CBN) revised the minimum capital requirements for banks aimed at strengthening the Nigerian financial system and actualizing the Nigerian Government’s objective to achieve a US$1 trillion economy in gross domestic product (GDP) terms by 2030.

This client alert, authored by TEMPLARS Deputy Managing Partner Chike Obianwu, Partner Zelda Akindele, Managing Counsel Obianuju Ifebunandu, and Senior Associate Victor Sameria, highlights the significant changes and their implications for Nigeria’s banking landscape.