The Nigeria Deposit Insurance Corporation (NDIC) has said the new Central Bank of Nigeria (CBN) policy which pegs the minimum capital for commercial banks at N500 billion was in line with current global economic dynamics.It also reiterated its unwavering commitment to promptly reimburse verified depositors of the 179 Microfinance Banks and four Primary Mortgage Banks which the CBN revoked their licenses in 2023.

Commercial banks under the new arrangement are required to maintain minimum capital levels of N500 billion, N200 billion, and N50 billion for international, national, and regional institutions, as well as N50 billion for merchant banks.In addition, national and regional non-interest banks are required to maintain N20 billion and N10 billion respectively.