Economy
CBN introduces N500bn, N200bn minimum capital base for banks
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Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.
Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.
Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.
A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.
According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.
To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.
Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.
“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.
“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.
The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.
It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.
Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.
The United States Mint has released 250,000 $1 coins featuring the likeness of President Donald Trump to commemorate the country’s 250th anniversary.
The coins, released on Wednesday, are legal tender and have also entered circulation, meaning members of the public could receive them as change when making cash payments.
US Mint, in a post on its website, said the coin features a portrait of Trump designed by the United States Mint Chief Engraver, Joseph Menna, and inspired by an official White House photograph by Daniel Torok.
“The reverse (tails) design features the Presidential Seal, which shows an eagle holding an olive branch and a bundle of arrows, with a shield on its breast and a banner inscribed ‘E PLURIBUS UNUM’ in its beak.
“The shield contains the additional inscription ‘250’ to honor the Semiquincentennial of the United States. The additional inscriptions are ‘UNITED STATES OF AMERICA’ and ‘ONE DOLLAR.’
The coins have a gold-like finish but are made from non-precious metals. They are being minted in Philadelphia.
The Mint is selling the coins in rolls of 25 and bags of 100. A roll costs $61, while a bag costs $154.50.
Some special-issue coins were randomly included in the rolls and bags. According to the Mint, those coins bear a “July 4th” mark because they were struck on July 4, the anniversary of the Declaration of Independence.
The Mint said demand for the coins was high, with a virtual waiting room activated on Wednesday because of “extraordinarily high traffic” on its website.
Households were initially limited to two orders, although the Mint said the restriction would be lifted at 2 p.m. Eastern time on Thursday.
The release follows controversy over the depiction of a living president on US currency.
Federal law had previously prohibited living people from being depicted on US currency, but the Circulating Collectible Coin Redesign Act of 2020, signed by Trump during his first term, contained provisions allowing coins commemorating the country’s 250th anniversary.
Treasury Secretary Scott Bessent said the coin “celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all.”
The Trump administration has also maintained that congressional approval was not required for the coin, citing a history of commemorative coins bearing the likeness of sitting presidents.
The US Mint has released other commemorative coins as part of the 250th-anniversary celebrations, including Revolutionary War Quarters, American Eagle Gold Coins and Enduring Liberty Half Dollars.
In June, 250,000 Semiquincentennial 2026 Declaration of Independence Quarters bearing a special “July 4th” mark were also released into circulation.
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Iran’s currency has suffered another historic collapse, with the rial plunging to more than 2.2 million against the US dollar amid renewed military strikes and escalating tensions in the Middle East.
The latest crash represents a fresh blow to Iran’s already battered economy as the conflict continues to put pressure on the country’s financial markets and businesses.
The rial has been under sustained pressure in recent weeks, with growing uncertainty over the country’s economic outlook, sanctions and the intensifying military confrontation contributing to the currency’s rapid decline.
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The latest exchange-rate movement means that $1 is now worth more than 2.2 million Iranian rials on the open market, highlighting the extraordinary deterioration in the currency’s purchasing power.
The plunge comes as US-Iran military hostilities enter another dangerous phase, with fresh strikes reported amid the wider confrontation surrounding the strategically vital Strait of Hormuz.
The economic impact of the escalating conflict is expected to extend beyond Iran, particularly as disruption around the Strait of Hormuz threatens global energy supplies and international trade.
For ordinary Iranians, the continued fall of the rial could translate into higher prices for imported goods, increased inflationary pressure and further erosion of household purchasing power.
The latest record low adds to mounting economic challenges facing Tehran as the country grapples with the combined impact of sanctions, military tensions and declining confidence in its currency.
With the rial now trading above the 2.2-million mark to the dollar, Iran’s currency crisis has entered another alarming phase as the military confrontation continues.
The Black Market Dollar-to-Naira Exchange Rate for 1st September 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1390 on Monday, 1st September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1405
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1343
Lowest Rate ₦1320
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