By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Wednesday said it has increased the minimum capital requirement for finance houses in Nigeria to N100 million from N20 million.

This is contained the revised guidelines for finance companies in Nigeria April 2014 by the CBN and posted on its official website.

The N100 million under the new guideline indicates that the CBN increased the capital base for operators of finance houses to 400 percent.

The CBN said deadline for compliance of the new guidelines is September 30. 2014