There are 24 banks in Nigeria. Banking hours are from 8am to 4pm. Some banks offer weekend (Saturday) services. On July 6, 2004; the Central Bank announced a new capital base of Twenty Five Billion Naira (=N=25b) for banks.

Merger talks and take over bids took place. A dead line for December 2005 was given. Before this there were 89 Banks. Those who could not meet the target were wound up.