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 PSM/DIR/CON/INM/011/008

0 implied HN points • 28 May 21
💰 Finance Regulations Banking Nigeria
  1. The Central Bank of Nigeria has released a Regulatory Framework for Non-Bank Merchant Acquiring in Nigeria, setting rules and standards for services.
  2. Various stakeholders, including banks and financial institutions, must adhere to this framework and other related regulations.
  3. Continuous monitoring and guidance will be provided by the Central Bank to ensure compliance.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/006

0 implied HN points • 10 Aug 23
💰 Finance Regulation Banking Currency
  1. Financial institutions in Nigeria must offer a payout option in Naira for diaspora remittances within specific rate limits.
  2. The allowable limit for the payout option is set at -2.5% to +2.5% of the previous day's Investors' and Exporters' Window average rate.
  3. All banks and International Money Transfer Operators are required to comply with these rate limits for diaspora remittances in Nigeria.

Alert: Central Bank of Nigeria Circular TED/PFO/CON/INT/007/032

0 implied HN points • 12 Jul 23
💰 Finance Regulation Banking
  1. Financial institutions in Nigeria must offer Naira as a payout option for diaspora remittances along with USD and eNaira.
  2. International Money Transfer Operators should pay out using the Investors' & Exporters Window rate on the day of the transaction.
  3. The regulation for payout options for diaspora remittances in Nigeria is effective immediately.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/004

0 implied HN points • 14 Dec 22
💰 Finance Regulatory Banking Fraud Compliance
  1. Central Bank of Nigeria warns against illegal activities by Money Transfer Operators (MTOs) in Nigeria, emphasizing the need to make payments in US Dollars as per regulations.
  2. Banks found supporting unlicensed MTOs in terminating payments in Naira instead of US Dollars will face sanctions, as per the circular TED/FEM/PUB/FPC/01/004.
  3. Reminder for banks and MTOs to pay out diaspora remittance proceeds only in US Dollars and follow the guidelines for International Money Transfer Operations.

Alert: Central Bank of Nigeria Circular CDP/CED/PUB/CES/05/125

0 implied HN points • 07 Jul 22
💰 Finance Regulatory Alerts
  1. The Central Bank of Nigeria has issued Circular CDP/CED/PUB/CES/05/125 regarding Exposure Draft on Digital Financial Services Awareness Guidelines.
  2. The Circular provides guidelines to increase awareness around digital financial services.
  3. Interested individuals can download the document from the Central Bank of Nigeria website.
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Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/042

0 implied HN points • 28 Mar 22
💰 Finance Regulation Banking Nigeria
  1. The Central Bank of Nigeria has developed guidelines to regulate credit guarantee companies in Nigeria to promote lending to Micro, Small, and Medium Enterprises (MSMEs).
  2. The guidelines specify the minimum licensing, governance, and prudential requirements for credit guarantee companies operating in Nigeria.
  3. These guidelines aim to encourage the operation of credit guarantee companies in Nigeria while ensuring adherence to regulatory expectations.

Alert: Central Bank of Nigeria Circular ACGSF

0 implied HN points • 18 Nov 21
💰 Finance Regulatory Compliance Banking Policy
  1. Financial institutions must adhere to the guidelines of the Agricultural Credit Guarantee Scheme Fund in Nigeria, approved by the Board in March 2021.
  2. The document with the guidelines is meant for internal use by the Central Bank in Nigeria.
  3. For further details, the guidelines for the Agricultural Credit Guarantee Scheme Fund can be downloaded from the Central Bank's website.

Alert: Central Bank of Nigeria Circular NTBs Issue Programme

0 implied HN points • 01 Jun 21
💰 Finance Regulatory Banking Economy
  1. The Central Bank of Nigeria has released a circular outlining the Treasury Bills issue programme for the third quarter of 2021, detailing the dates, values, and amounts for the 91-day, 182-day, and 364-day bills.
  2. The total value of the Treasury Bills issued for the quarter is 121,376,867, but it is important to note that the offer amounts are subject to change with short notice.
  3. Further details about the NTBs Issue Programme can be found by downloading the document provided in the post from the Central Bank of Nigeria's website.

Chart: NGN depreciation over last 12 months

0 implied HN points • 10 Feb 24
💰 Finance
  1. The Nigerian Naira saw significant depreciation against USDT but remained relatively stable against USD.
  2. The Central Bank Governor's policies closed the 35-38% discount on NGN in mid-2023.
  3. Adjustments by the Central Bank were made when the spread in exchange rates exceeded 30%, eventually resulting in a 34% depreciation of the Naira to USD.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/012

0 implied HN points • 09 Feb 24
💰 Finance Regulations Foreign Exchange Transparency
  1. Financial institutions are requested to remove the spread on foreign exchange transactions and conduct transactions on a 'Willing Buyer and Willing Seller' basis.
  2. Ethical standards like price disclosures and transparency are emphasized for foreign exchange dealings.
  3. All executed transactions must be immediately recorded on relevant treasury systems and reported to market authorities.

Alert: Central Bank of Nigeria Circular CPD/MCD/INT/CCD/020/140

0 implied HN points • 08 Feb 24
💰 Finance Regulations Compliance Consumer Protection
  1. The circular from the Central Bank of Nigeria highlights the importance of compliance with consumer protection regulations for financial institutions.
  2. Financial institutions are required to establish effective internal complaint handling procedures and provide timely resolutions to consumer complaints.
  3. Regular reviews should be conducted by institutions to identify and rectify any deficiencies in their consumer protection practices.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/016/027

0 implied HN points • 03 Feb 24
💰 Finance Banking Regulations Nigeria
  1. Central Bank of Nigeria is updating the Cash Reserve Requirement (CRR) mechanism for banks, with changes like no longer having daily CRR debits and specific ratios for different types of banks.
  2. Commercial banks will have a 32.5% ratio and merchant banks 10% applied to increases in their weekly average adjusted deposits.
  3. Banks not meeting the minimum Loan to Deposit Ratio (LDR) will face a 50% CRR levy on the lending shortfall.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/003

0 implied HN points • 01 Feb 24
💰 Finance Regulation Currency Banking
  1. The Central Bank of Nigeria has removed the allowable limit of exchange rate quoted by International Money Transfer Operators (IMTOs), allowing them to quote rates based on prevailing market rates.
  2. IMTOs can now quote exchange rates for naira payout to beneficiaries on a willing seller, willing buyer basis, as per the latest circular.
  3. This circular supersedes the previous one which had set an allowable limit of -2.5% to +2.5% around the previous day's closing rate of the Nigerian Foreign Exchange Market.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/002

0 implied HN points • 01 Feb 24
💰 Finance Regulations Compliance
  1. Central Bank of Nigeria has issued revised guidelines for International Money Transfer Services, aiming to enhance transparency, promote diaspora remittances, and improve the ease of doing business for IMTOs and money transfer recipients.
  2. Authorized dealers, IMTOs, and the general public are expected to adhere to the updated guidelines provided by the Central Bank of Nigeria.
  3. The revised guidelines are crucial for boosting the foreign exchange market and ensuring compliance among stakeholders in the money transfer sector.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/011

0 implied HN points • 30 Jan 24
💰 Finance Regulations Financial Markets Transparency Market Manipulation Central Banks
  1. Financial institutions must provide transparent pricing in financial market transactions to avoid market manipulation.
  2. The Central Bank of Nigeria warns against underreporting transaction rates and using 'second cheques' as these practices will be sanctioned.
  3. Compliance with CBN rules and guidelines is crucial for a well-functioning and transparent financial market.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/008

0 implied HN points • 28 Dec 23
💰 Finance Regulatory Compliance Banking Financial Markets Financial Institutions
  1. Financial institutions in Nigeria must submit their financial market transaction signature mandate to the Central Bank of Nigeria's Financial Markets Department, detailing authorized dealers, dealing mandates, transaction limits, and annual review requirements.
  2. The signature mandate should include full names, designations, level of authority, and transaction limits of authorized officers, with any changes promptly communicated. Submissions are due by January 12, 2024.
  3. This circular FMD/DIR/PUB/CIR/001/008 emphasizes the importance of transparency, accountability, and clear communication within financial institutions regarding financial market transactions and authorized officers.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/002/002

0 implied HN points • 08 Dec 23
💰 Finance Banking Regulations Compliance Money Laundering
  1. Financial institutions in Nigeria need to collect evidence of registration with SCUML from Non-Profit Organizations before starting a business relationship.
  2. Banks and financial institutions must update their customer account information according to the new requirement.
  3. The Circular FPR/DIR/PUB/CIR/002/002 outlines the additional Know Your Customer requirement for NPOs in Nigeria.

Alert: Central Bank of Nigeria Circular BKS/DIR/CIR/GEN/001/003

0 implied HN points • 17 Oct 23
💰 Finance Regulations Banking Compliance
  1. Financial institutions in Nigeria must validate MICR codeline details based on Nigerian Cheque Standards and ensure proper calibration of in-house cheque processing equipment.
  2. Supervision of cheque processing equipment is essential to prevent image and data distortion during the cheque truncation process.
  3. Non-compliance with the circular may lead to penalties for financial institutions.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/010

0 implied HN points • 06 Oct 23
💰 Finance Regulatory Banking Nigeria
  1. The Central Bank of Nigeria has appointed three additional designated banks for the collection of fees under the Nigerian Export Supervision Scheme (NESS). Authorized dealers are instructed to inform their exporting customers about this change.
  2. The appointment of designated banks signifies a shift in the process for collection of fees under the NESS, bringing more clarity and convenience for exporting customers.
  3. This circular, TED/FEM/PUB/FPC/001/010, outlines an important update regarding the collection of fees, emphasizing the need for all involved parties to be informed and compliant with the changes.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/009

0 implied HN points • 13 Sep 23
💰 Finance Regulation International Banking
  1. The Central Bank of Nigeria has issued guidelines for International Money Transfer Operators (IMTOs) regarding rate quotes and market conduct. IMTOs must adhere to specific rules related to payment mode, pricing, and rate quotes within a specified range.
  2. Failure to comply with the guidelines may lead to sanctions such as selling proceeds to the Central Bank, suspension of operations, and even loss of operating license.
  3. IMTOs should take note of the circular TED/FEM/PUB/FPC/001/009 and ensure they are in compliance with the regulations set by the Central Bank of Nigeria to avoid potential repercussions.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/007

0 implied HN points • 17 Aug 23
💰 Finance Regulation Foreign Exchange Compliance
  1. The Central Bank of Nigeria has introduced new operational mechanisms for Bureau de Change (BDC) operations to enhance the efficiency of the foreign exchange market.
  2. BDC operators are mandated to maintain a spread on buying and selling within a specific range of -2.5% to +2.5% of the previous day's weighted average rate.
  3. Operators are required to submit periodic reports on the upgraded Financial Institution Forex Rendition System (FIFX); failure to comply may lead to sanctions or license withdrawal.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/049

0 implied HN points • 31 Jul 23
💰 Finance Banking Regulations Nigeria
  1. Microfinance banks and primary mortgage banks in Nigeria are exempted from paying processing fees for withdrawals above cash withdrawal limits from correspondent banks.
  2. The exemption is meant to support these banks in providing specialized retail banking services to the economically active poor.
  3. While exempt from processing fees, these banks still need to comply with the cash withdrawal limits set in an earlier circular by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/005

0 implied HN points • 25 Jul 23
💰 Finance Regulatory Compliance
  1. The Central Bank of Nigeria issued a circular about the Pan African Payments and Settlement System (PAPSS), specifying details like transaction requirements, payment modes, and limits.
  2. Transactions on PAPSS must be trade backed, and the approved payment mode is Bills for Collection.
  3. There are specific transaction limits set by the Central Bank for both customers and Authorized Dealer Banks, with the requirement for USD cover approval before initiating payments.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/078

0 implied HN points • 13 Jul 23
💰 Finance Regulatory Compliance
  1. The Central Bank of Nigeria issued a circular about Corporate Governance Guidelines for various types of banks and financial companies in Nigeria.
  2. The circular provides regulatory guidelines for Corporate Governance in the banking sector of Nigeria.
  3. Interested individuals can download the full circular from the Central Bank of Nigeria's website.

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

0 implied HN points • 06 Jul 23
💰 Finance Regulatory Compliance
  1. Banks and financial institutions need to implement enhanced due diligence based on the outcomes of the FATF Plenary, which added Cameroon, Croatia, and Vietnam to the 'Increased Monitoring' list.
  2. The Democratic People's Republic of Korea, Iran, and Myanmar are still considered high-risk jurisdictions and are subject to 'Call for Action'.
  3. Counter-measures may need to be taken to protect the international financial system alongside implementing enhanced due diligence.

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

0 implied HN points • 27 Jun 23
💰 Finance Regulations Payments Banking Risk management Standards
  1. The Central Bank of Nigeria issued guidelines for contactless payments in the country, aiming to standardize operations and promote innovation while ensuring financial system stability.
  2. Banks, financial institutions, and payment service providers are required to adhere to these guidelines, implement risk management processes, and maintain relevant standards for contactless payments.
  3. Participants in contactless payments in Nigeria must download and adhere to Circular PSM/DIR/PUB/CIR/001/039 available on the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/007/075

0 implied HN points • 23 Jun 23
💰 Finance Regulations Risk management Compliance
  1. Financial institutions must establish measures to mitigate risks from high-risk customers, including Politically Exposed Persons (PEPs)
  2. The Central Bank of Nigeria has issued a guidance note to help with assessing and mitigating these risks
  3. Immediate compliance is expected from all financial institutions regarding the guidance note on Politically Exposed Persons (PEPs)

Alert: Central Bank of Nigeria Circular BSD/DIR/GEN/LAB/09/048

0 implied HN points • 14 Jun 23
💰 Finance Regulations Banking Compliance
  1. Financial institutions in Nigeria must follow liquidity coverage ratio guidelines to ensure they have enough liquid assets for a 30-day stress scenario.
  2. These institutions need to maintain a level of high-quality liquid assets and report their liquidity coverage ratio to the regulatory body quarterly.
  3. The Circular BSD/DIR/GEN/LAB/09/048 outlines the Exposure Draft of Guidelines on Liquidity Coverage Ratio for Non-Interest Banks in Nigeria.

Alert: Central Bank of Nigeria Circular BSD/DIR/GEN/LAB/09/048

0 implied HN points • 14 Jun 23
💰 Finance Regulation Banking Capital
  1. The Central Bank of Nigeria has issued a revised guideline on regulatory capital for non-interest banks in Nigeria.
  2. Financial institutions in Nigeria are required to adhere to the updated capital requirements outlined in the guidelines.
  3. The Exposure Draft of the Revised Guidelines on Regulatory Capital for Non-Interest Banks in Nigeria is available for download on the CBN website.

Alert: Central Bank of Nigeria Circular BSD/DIR/GEN/LAB/09/048

0 implied HN points • 13 Jun 23
💰 Finance Banking Regulations
  1. The Central Bank of Nigeria has issued a circular regarding Exposure Draft of the Guidelines on Liquidity Coverage Ratio and Revised Guidelines on Regulatory Capital for Non Interest Banks in Nigeria.
  2. The circular provides important regulatory information for non-interest banks and other financial institutions in Nigeria.
  3. This update was posted on June 13, 2023, on the regulatory alerts platform.

Alert: Central Bank of Nigeria Circular BKS/DIR/CIR/GEN/001/001

0 implied HN points • 09 Jun 23
💰 Finance Banking Regulations Compliance Transactions
  1. Financial institutions in Nigeria must stop using old cheques and follow the new Nigeria Cheque Standards 2.0 by December 31, 2023, or face penalties.
  2. The change is due to the Revised Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) 2.0 to ensure compliance and uniformity.
  3. Instructions are provided for financial institutions to download and implement Circular BKS/DIR/CIR/GEN/001/001 from the Central Bank of Nigeria website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/071

0 implied HN points • 06 Apr 23
💰 Finance Regulation
  1. The Central Bank of Nigeria has issued a circular regarding guidelines on managing dormant accounts and unclaimed balances in financial institutions.
  2. Financial institutions are asked to provide feedback on the draft guidelines within three weeks.
  3. The circular provides a link to download the full document for reference and review.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/019/098

0 implied HN points • 09 Mar 23
💰 Finance Regulatory Banking Financial inclusion Security
  1. The Central Bank of Nigeria has issued a draft for a regulatory framework for agent banking to enhance financial inclusion and provide more access to financial services.
  2. The draft framework aims to streamline operations at agent locations and improve the security of customers' funds.
  3. Banks, financial institutions, payments service providers, and the public have been invited to share their feedback on the draft by March 22, 2023.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/019/098

0 implied HN points • 08 Mar 23
💼 Business Banking Regulation Finance
  1. The Central Bank of Nigeria is implementing Operational Guidelines for Open Banking to promote data sharing between financial institutions and third-party firms, encouraging the development of customer-focused products and services.
  2. Compliance with the guidelines is necessary for stakeholders like deposit money banks, mobile money operators, and payment service providers to enhance efficiency, competitiveness, and access to financial services.
  3. The circular aims to facilitate the sharing of customer-permissioned data in Nigeria, fostering innovation, competition, and improved customer service in the financial sector.