Tag: CBN’s
CBN’s guidelines for regulation of foreign banks’ representative offices in Nigeria
A draft of the Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria (the Guidelines) was released by the Central Bank of Nigeria (CBN) on October 12, 2022. This release is in relation to the CBN’s authority under the Banks and Other Financial Institutions Act, 2020 (BOFIA), which allows the apex bank …
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CBN’s guidelines for revised cash withdrawals
The Central Bank of Nigeria is the body saddled with the responsibility of monetary control and regulation in Nigeria. The CBN in October 2022, announced it would be redesigning the Naira to forestall counterfeiting and allow individuals to save money with banks rather than keeping monies privately. The CBN’s currency redesigning policy was greeted with …