Banking Regulations: CBN's Latest Policy Directives
The Central Bank of Nigeria continues to issue policy directives that reshape the banking landscape. Recent circulars address foreign exchange management, digital banking regulations, and capital adequacy requirements that affect both banks and their customers.
Understanding and adapting to CBN regulations is essential for financial institutions and businesses operating in Nigeria's banking sector.
Foreign Exchange Policy
The CBN has introduced new guidelines for foreign exchange transactions, including requirements for documentation and verification. Banks must ensure compliance with anti-money laundering regulations while facilitating legitimate trade transactions.
Digital Banking Framework
The regulatory framework for digital banking has been enhanced with new guidelines for payment service providers, mobile money operators, and fintech companies. These aim to promote financial inclusion while maintaining system stability.
Author
Adaobi Okorie
Senior Partner
Senior Partner specializing in Corporate Law and Commercial Transactions with over 15 years of experience advising businesses across Nigeria.
