LAWMAKERS APPROVE PRESIDENT’S LOAN REQUEST TO REFINANCE EUROBOND

The Central Bank of Nigeria has increased the capital
requirements for microfinance banks in the country in a bid to
tackle the challenge of the inadequate capital base in the sub-
sector.
The apex bank announced the upward review of the minimum
capital requirement in a circular dated October 22, 2018, to all
microfinance banks in the country.
The minimum capital requirement for unit and state
microfinance banks was raised by 900 percent each to 200
million naira and 1 billion naira, respectively from 20 million
naira and 100 million naira, while that of national microfinance
banks increased by 150 percent to 5 billion naira from 2 billion
naira.

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