Banking

in Nigeria took a new dimension after the pronouncement of the former governor

of the Central Bank of Nigeria professor Ifeanyi Emiefiele for the need to

improve the banking industry in Nigeria thereby competing with other foreign

banks, hence capital base to 25 billion naira.

According

to the governor of central bank professor Ifeanyi Emiefiele, the whole idea of

the increment is to give room for other small financial institutions to strive,

thereby reducing the rate of competition amongst banks in Nigeria.