Introduction In March 2024, the Nigerian Naira made significant gains against the US Dollar, closing at ₦1309/USD on the last trading day, March 29, compared to ₦1595/USD in February—a 21.8% improvement. This appreciation is largely attributed to the Central Bank of Nigeria’s (CBN) policies and interventions aimed at stabilizing the economy. Below is a summary […]

Introduction The long-anticipated regulatory change occurred on March 28, 2024. While the new minimum capital requirements for Nigerian banks were expected, the exclusion of a significant portion of a bank’s shareholders’ funds was surprising. On that day, the Central Bank of Nigeria (CBN) issued a circular titled “Review of Minimum Capital Requirements for Commercial, Merchant,