RegAlert

RegAlert is a Substack that provides updates and insights on the regulatory changes and guidelines issued by the Central Bank of Nigeria, covering a wide range of topics including open banking, Bureaux De Change operations, payment service banks, mortgage banking, contactless payment limits, microfinance, export procedures, and more.

Banking Regulations Fintech Financial Compliance Monetary Policies Operational Guidelines Financial Institutions Payment Systems Regulatory Alerts Export and Import Regulations Non-Interest Banking

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Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/025

0 implied HN points • 26 Jul 21
💰 Finance Regulation
  1. Central Bank of Nigeria issued Circular FPR/DIR/PUB/CIR/001/025 regarding Bureaux De Change as of July 27, 2021. You can access the list of Bureaux De Change as per the circular on the CBN website.
  2. The circular was posted on July 26, 2021, and is available for download. It is essential to stay updated with such regulatory alerts from the central bank.
  3. The information in the circular is crucial for those involved in Bureaux De Change operations in Nigeria. Being aware of the list can ensure compliance with the regulations set by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/014

0 implied HN points • 29 Jun 21
💰 Finance Regulation
  1. The alert is about a circular from the Central Bank of Nigeria regarding Bureaux De Change as of June 30, 2021.
  2. The circular is identified as FPR/DIR/CIR/GEN/01/014 and was posted on June 29, 2021.
  3. A list of Bureaux De Change as at June 30, 2021 is available for download from the Central Bank of Nigeria website.
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Alert: Central Bank of Nigeria Circular FPR/PRD/CIR/INT/001/003

0 implied HN points • 07 Dec 23
💰 Finance Regulation Banking Compliance
  1. Financial institutions in Nigeria must display their corporate names prominently on their websites and online platforms, along with the statement 'Licensed by the Central Bank of Nigeria'.
  2. Compliance with the requirement to display corporate names must be met by January 31, 2024.
  3. The circular FPR/PRD/CIR/INT/001/003 issued by the Central Bank of Nigeria outlines the specific requirements for displaying corporate names online.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/048

0 implied HN points • 27 Jun 23
💰 Finance Banking Regulations Payments Technology
  1. The Central Bank of Nigeria has issued a circular regarding transaction limits on contactless payments, requiring adherence from financial institutions and payment service providers.
  2. Transactions exceeding the specified limits on contactless payments will need verification and authorization.
  3. Higher-value contactless payments must meet existing KYC requirements and limits on electronic payment channels, while transactions above the daily cumulative limit should use contact-based technology.

Alert: Central Bank of Nigeria Circular BKSD/SCO/CON/001/039

0 implied HN points • 19 May 23
💰 Finance Regulations Banking
  1. The Central Bank of Nigeria has conducted re-accreditation for Cheque Printers and Personalizers, with listed financial institutions holding valid accreditation licenses.
  2. All accredited printers and personalizers were notified and issued certificates as of May 4th, 2023.
  3. For more details and the full list, you can download Circular BKSD/SCO/CON/001/039 from the CBN website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/072

0 implied HN points • 28 Mar 23
💰 Finance Regulations Banking Guidelines
  1. The Central Bank of Nigeria has issued guidelines for changing operating licenses for banks and financial institutions in the country.
  2. The guidelines aim to provide clarity on regulatory requirements for financial institutions that want to upgrade or change to a different license.
  3. Financial institutions in Nigeria have three weeks to provide comments and feedback on the draft guidelines.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/018/122

0 implied HN points • 06 Dec 22
💰 Finance Banking Regulation Transactions Guidelines
  1. The Central Bank of Nigeria reminds certified payment acceptance devices to accept all transactions from any Nigerian bank's cards.
  2. Acquirers and service providers should remain neutral and not show favoritism towards any specific card brand.
  3. The Circular emphasizes the importance of interoperability and interconnectivity to ensure fair access to electronic payment channels in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/039

0 implied HN points • 28 Jan 22
💰 Finance Regulation Banking Loans Recovery Debt
  1. The Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/039 emphasizes the implementation of Global Standing Instruction (GSI) guidelines by financial institutions to manage loan defaulters and enhance credit repayment culture.
  2. The circular mandates that recovery attempts through the GSI platform should now be continuous and unrestricted, ensuring persistent efforts until the loan is fully repaid.
  3. Financial institutions are reminded to adhere to the guidelines outlined in the circular and make necessary adjustments as per the instructions provided.

Alert: Central Bank of Nigeria Circular CPD/GEN/GUIDE/02

0 implied HN points • 26 Jan 22
💰 Finance Banking
  1. The Central Bank of Nigeria has issued Circular CPD/GEN/GUIDE/02 regarding Bank Customers Bill of Rights.
  2. The circular was posted on January 26, 2022, and is available for download on the CBN website.
  3. It is essential for individuals and entities in Nigeria to be aware of and comply with the regulations outlined in this circular.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/033

0 implied HN points • 31 Dec 21
💰 Finance Banking
  1. The circular contains a list of licensed payment service banks in Nigeria, including HOPE psa LIMITED, MONEYMASTER psa LIMITED, and 9 psa LIMITED.
  2. The circular also provides the head office addresses of these institutions in Lagos, Nigeria.
  3. This information was posted on December 31, 2021, by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/037

0 implied HN points • 30 Dec 21
💰 Finance Regulatory Alerts
  1. The Central Bank of Nigeria issued a circular regarding a list of licensed Bureaux de Change as of December 31, 2021. You can find the full list on the CBN website.
  2. The circular is labeled FPR/DIR/PUB/CIR/001/037, indicating its specific identification in the official records.
  3. It's important to stay informed about regulatory alerts and updates from central banks to understand the changing financial landscape.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/01/010

0 implied HN points • 29 Nov 21
💰 Finance Regulations
  1. Starting from November 30, 2021, the e-Form 'NCX' will replace the hard copy version for non-commercial exports.
  2. Processing of the e-Form 'NCX' will be digitally carried out via the Trade Monitoring System website.
  3. Individuals using the Trade System for e-Form 'NCX' application need a valid Tax Identification Number from FIRS/JTB.

Alert: Central Bank of Nigeria Circular DFD/RAC/INT/RSP/02/095

0 implied HN points • 05 Nov 21
💰 Finance Regulatory Compliance
  1. Financial institutions must adhere to the revised guidelines of the Anchor Borrowers' Programme (ABP) by the Central Bank of Nigeria from September 2021.
  2. The guidelines specify the procedures and criteria for participating in the ABP, as outlined by the Development Finance Department of the Central Bank of Nigeria.
  3. Interested parties can access the complete guideline document, DFD/RAC/INT/RSP/02/095, on the official Central Bank of Nigeria website for further details.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/024

0 implied HN points • 13 Oct 21
💰 Finance Regulation Banking Nigeria
  1. The Central Bank of Nigeria issued guidelines on the disposal of Non-Permissible Income (NPI) by Non-Interest Financial Institutions (NIHs) in Nigeria.
  2. All NIHs in Nigeria are required to comply with the guidelines set forth by the Central Bank on the disposal of Non-Permissible Income (NPI).
  3. These guidelines for disposing of Non-Permissible Income (NPI) by Non-Interest Financial Institutions (NIHs) are effective from October 13, 2021, and are accessible on the Central Bank's website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/028

0 implied HN points • 30 Sep 21
💰 Finance Regulation Companies Licensing
  1. The circular provides a list of licensed finance companies in Nigeria as of September 30, 2021, including AAA Finance & Investment Company Limited and others.
  2. Addresses of these licensed finance companies are mentioned in Lagos and Abuja.
  3. Interested individuals can download the full circular FPR/DIR/PUB/CIR/001/028 from the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/029

0 implied HN points • 30 Sep 21
💰 Finance Policy Mortgage Compliance Banks
  1. The Central Bank of Nigeria issued a circular listing primary mortgage banks as of September 30, 2021, for financial institutions to comply with the stated requirements.
  2. The list includes various mortgage banks located in different states across Nigeria.
  3. Financial institutions are advised to review the circular and ensure they are in compliance with the regulations.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/14/063

0 implied HN points • 02 Sep 21
💰 Finance Regulation Banking Risk management
  1. The Central Bank of Nigeria issued new guidelines on liquidity monitoring tools (LMT) in September 2021 to improve liquidity risk management in financial institutions.
  2. Financial institutions must now establish robust LMT frameworks to effectively identify and address liquidity risks in a timely manner.
  3. Institutions are required to regularly submit detailed LMT reports to the regulatory body for monitoring and supervision purposes.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/006

0 implied HN points • 16 Jul 21
💰 Finance
  1. Authorized dealers in Nigeria need Central Bank approval for sugar importation procedures.
  2. Central Bank of Nigeria monitors companies' adherence to sugar importation guidelines.
  3. Strict compliance is expected for companies involved in sugar importation programs.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/006

0 implied HN points • 31 Mar 21
💰 Finance Banking Regulation Institutions
  1. The circular requests financial institutions to provide a list of deposit money banks by category and their respective head office addresses as of March 31, 2021.
  2. The institutions listed in the circular include those with commercial banking licenses with international, national, and regional authorization.
  3. The head office addresses provided in the circular are mainly located in Lagos state.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/02/01

0 implied HN points • 17 Feb 21
💰 Finance Regulation Banking Innovation Financial inclusion Data Sharing
  1. The Central Bank of Nigeria has issued a regulatory framework for open banking to encourage innovation and financial inclusion.
  2. The framework establishes principles for data sharing, including requirements for data and API access, technical design, and information security.
  3. Operational guidelines related to the open banking framework will be provided at a later date.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/PUB/001/001

0 implied HN points • 22 Jan 21
💰 Finance Banking Regulations
  1. Only licensed International Money Transfer Operators (IMTOs) can handle diaspora remittances into Nigeria.
  2. Diaspora remittances in Nigeria must be received in foreign currency, either in cash or transferred to domiciliary accounts.
  3. IMTOs are prohibited from disbursing diaspora remittances in Naira or through Nigerian financial payment platforms.

Alert: Central Bank of Nigeria Circular FPR/NIB/PUB/CIR/001/038

0 implied HN points • 27 Jan 22
💰 Finance Regulation
  1. The Central Bank of Nigeria issued Circular FPR/NIB/PUB/CIR/001/038, regarding the Compendium of Resolutions of the Financial Regulation Advisory Council of Experts (FRACE) Series 1.
  2. The circular was posted on Thursday, January 27, 2022.
  3. The circular download link is available on the official website of the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/011

0 implied HN points • 31 May 21
💰 Finance Banking Regulations
  1. The circular provides a list of licensed payment service banks as of March 31, 2021, including institutions like Hope PS3 Limited and Moneymaster PS3 Limited.
  2. The circular includes the head office addresses of the listed payment service banks for reference.
  3. Interested individuals can download the full circular, which is titled FPR/DIR/GEN/CIR/01/011, from the Central Bank of Nigeria website.