CBN says it will grant operating licence to more banks


cbn_abujaThe Central Bank of Nigeria (CBN) on Wednesday said it would continue to grant operating licence to more banks.

Mr Okoroafor Ugochukwu, the CBN Head of Corporate Communications, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos.

Ugochukwu said that CBN had granted licence to two merchant banks, Rand Merchant Bank and First Security Discount House, to start operation.

“These banks had been successfully processed and found to qualify for licence,“ he said.

The apex bank spokesman said that more banks would be granted licence once they met the CBN requirements.

According to him, the minimum capital base of a merchant bank is N15 billion.

“As regard establishment of banks in the rural areas, the apex bank will provide conducive environment for banks to operate, “ Ugochukwu said.

He, however, said that the market forces of demand and supply would determine their operation in rural areas.

Ugochukwu said that CBN would allow market forces to determine price and drive a competitive banking environment.


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