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/001/070

0 implied HN points • 24 Feb 23
💰 Finance Regulation Banking Management
  1. The Central Bank of Nigeria has implemented changes to the tenure rules for Executive Management and Non-Executive Directors in Deposit Money Banks, limiting the maximum tenure to 10 years for certain roles.
  2. For an Executive Director who transitions to Deputy Managing Director, there is a maximum cumulative tenure of 12 years. Across the banking industry, there is a cap at 20 years for Executive Directors, Deputy Managing Directors, Managing Directors, and Non-Executive Directors.
  3. This Circular FPR/DIR/PUB/CIR/001/070 outlines the specific details and guidelines related to the tenure requirements established by the Central Bank of Nigeria for banking industry executives.

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

0 implied HN points • 15 Feb 23
💰 Finance Regulations Banking Economy
  1. The Pre-Shipment Inspection Agents (PIAs) Portal has been deployed on the Stakeholder Verification Portal (SVP). PCIs/CCIs will be electronically generated on the SVP from March 1st, 2023.
  2. Authorized Dealers must ensure that the processing of PCIs/CCIs by PIAs is done electronically on the SVP at https://syp.tradesystem.gov.ng.
  3. This circular is issued by the Central Bank of Nigeria notifying Pre-Shipment Inspection Agents (PIAs), Monitoring and Evaluation Agents (MEAs), Authorized Dealers, Nigerian Customs Service (NCS), Exporters, and the General Public about the deployment of the PIA Portal on the SVP.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/069

0 implied HN points • 07 Feb 23
💰 Finance Regulations Compliance Banking
  1. Financial institutions must screen their customer database for any association with individuals linked to ISIL or Al-Qaida.
  2. Financial institutions need to update their sanctions screening lists according to recent changes in the United Nations Security Council Consolidated Lists.
  3. Immediate compliance is required from all financial institutions with the new regulations.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/15/022

0 implied HN points • 21 Jan 23
💰 Finance Regulation
  1. The Central Bank of Nigeria has launched a cash swap program for citizens in underserved areas to exchange old Naira notes for redesigned ones. Individuals can exchange a maximum of N10,000 starting January 23, 2023.
  2. Super Agents and Deposit Money Banks (DMBs) will be involved in the cash swap program, with the goal of promoting financial inclusion by allowing agents to create wallets or accounts for customers without banks.
  3. Agents participating in the program can charge cash-out fees but are not allowed to charge additional commissions for providing this service.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/064

0 implied HN points • 13 Jan 23
💰 Finance Regulation Compliance Banking
  1. Financial institutions must identify and disclose beneficial owners of legal persons and arrangements to comply with anti-money laundering and counter-terrorism financing laws.
  2. The Central Bank of Nigeria has issued guidance on ultimate beneficial ownership to help financial institutions implement these measures.
  3. All financial institutions supervised by the Central Bank are required to adhere to the guidance on ultimate beneficial ownership.
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Alert: Central Bank of Nigeria Circular OFI/DOA/CON/OFI/001/304

0 implied HN points • 09 Jan 23
💰 Finance Regulations Investments Risk management
  1. Financial institutions in Nigeria's OFIs are directed to divest from funds managed by uninsured entities, aiming to reduce high credit and liquidity risks
  2. Existing placements in uninsured entities must be liquidated within 90 days to safeguard depositors' funds
  3. This regulation is implemented by the Central Bank of Nigeria to protect the financial interests of the depositors

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/LTR/001/002

0 implied HN points • 23 Dec 22
💰 Finance Regulatory Alerts Financial Institutions
  1. Financial institutions must follow updated lists of countries under increased monitoring and high-risk jurisdictions by the Financial Action Task Force, including the Democratic Republic of Congo and Myanmar.
  2. FATF recommends a risk-based approach when engaging with these countries, which financial institutions are expected to implement in their dealings with entities from these jurisdictions.
  3. A central bank circular in Nigeria, FPR/DIR/PUB/LTR/001/002, provides additional information and guidelines related to these financial regulations.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/064

0 implied HN points • 15 Dec 22
💼 Business Regulations Banking Finance
  1. Financial institutions in Nigeria must implement targeted financial sanctions related to terrorism financing and proliferation financing.
  2. The measures outlined in the Terrorism Prevention and Prohibition Act (TPPA), 2022 must be strictly complied with by all financial institutions in Nigeria.
  3. The Central Bank of Nigeria has issued guidelines to aid in the prompt implementation of these required measures.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/062

0 implied HN points • 14 Dec 22
💰 Finance Regulations Sanctions Banking
  1. Financial institutions in Nigeria must follow guidelines on targeted financial sanctions related to proliferation financing set by the Central Bank of Nigeria.
  2. These institutions are required to implement the guidelines and submit quarterly returns on actions taken regarding targeted financial sanctions.
  3. The submissions to the Director of the Financial Policy and Regulation Department must be made within 10 days after the end of each quarter.

Alert: Central Bank of Nigeria Circular CCD-06122022

0 implied HN points • 06 Dec 22
💰 Finance Regulatory
  1. Individuals in Nigeria can withdraw up to N100,000 per week and N20,000 per day via ATM, while corporate organizations have a higher withdrawal limit.
  2. Third party cheques exceeding N50,000 will not be accepted for payment over the counter.
  3. Financial institutions in Nigeria must adhere to the specified cash withdrawal limits outlined by the Central Bank of Nigeria Circular CCD-06122022.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/001/061

0 implied HN points • 23 Nov 22
💰 Finance Regulations Banking
  1. The circular provides guidelines for individuals and entities seeking to operate as banks or financial institutions in Nigeria, focusing on Anti-Money Laundering and Combatting the Financing of Terrorism.
  2. It outlines the minimum requirements for licensing and should be followed along with relevant laws, regulations, and licensing criteria.
  3. The guidelines are applicable to both new and pending applications, and they are immediately effective upon publication.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/059

0 implied HN points • 12 Oct 22
💰 Finance Regulation Banking
  1. The Central Bank of Nigeria has issued a circular requesting feedback on draft guidelines for the regulation of representative offices of foreign banks operating in Nigeria. Stakeholders, especially foreign banks, have been urged to review the document and provide comments within three weeks.
  2. The circular is titled 'Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria - Exposure Draft' and was posted on October 12, 2022.
  3. Stakeholders can download the circular and access the draft guidelines for regulatory review from the provided link on the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/006

0 implied HN points • 07 Oct 22
💰 Finance Banking Regulations
  1. Authorized dealers should not access the discount window on certain dates related to auctions and transactions
  2. Successful bidders at government securities auctions cannot use the discount window on settlement dates
  3. Participants with successful foreign exchange bids are also restricted from accessing the discount window during auctions and settlement dates

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/058

0 implied HN points • 17 Aug 22
💰 Finance Banking
  1. The Central Bank of Nigeria has adjusted the interest rate on all its intervention facilities to 9% per annum, effective July 20, 2022. For existing intervention facilities granted before July 20, 2022, the new rate will be implemented from September 1, 2022.
  2. The Circular FPR/DIR/PUB/CIR/001/058 provides detailed information on the adjustment of interest rates on all CBN interventions.
  3. Stay informed about changes in Central Bank of Nigeria policies and regulations by following Regulatory Alerts on Substack.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/016/118

0 implied HN points • 04 Jul 22
💰 Finance Regulations Banking Payments
  1. The Central Bank of Nigeria is requesting financial institutions to review and implement specific QR code presentment options in payments.
  2. Financial institutions can choose between merchant-presented or consumer-presented QR code options for payments.
  3. The Central Bank of Nigeria will continue to monitor industry developments and provide additional guidance as needed.

Alert: Central Bank of Nigeria Circular OFI/DOA/CON/ACT/004/155

0 implied HN points • 29 Jun 22
💰 Finance Regulation Cybersecurity Compliance Banking Nigeria
  1. The Central Bank of Nigeria issued a circular requiring other financial institutions in Nigeria to enhance their cybersecurity defenses and adhere to the provided Risk-Based Cybersecurity Framework and Guidelines by January 1, 2023.
  2. This circular emphasizes the importance of strengthening cyber defenses in financial institutions to mitigate risks and ensure a more secure environment against cyber threats.
  3. Compliance with the Risk-Based Cybersecurity Framework and Guidelines is crucial for OFIs in Nigeria to safeguard their systems and data from cyber vulnerabilities.

Alert: Central Bank of Nigeria Circular 44

0 implied HN points • 01 Jun 22
💰 Finance Regulations
  1. The Central Bank of Nigeria has issued Circular 44 regarding Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2022/2023.
  2. This circular provides important guidelines for financial institutions operating within Nigeria.
  3. The document can be downloaded from the official Central Bank of Nigeria website for further details.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/01/006

0 implied HN points • 26 May 22
💰 Finance Banking Regulations Payments
  1. Financial institutions in Nigeria must accept indemnity from customers for secure online funds transfers, with varying limits for individuals and corporations.
  2. Customers should be given the option of electronic or paper indemnity, with stricter controls like biometric verification for electronic indemnity.
  3. Multiple factor authentication is required for secure online funds transfers, and customers must be informed about indemnity's role in increasing transaction limits.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/042

0 implied HN points • 25 Apr 22
💰 Finance Regulation Risk management
  1. The Central Bank of Nigeria issued a circular to Other Financial Institutions (OFIs) about implementing effective risk-based approaches to combat money laundering and terrorism financing.
  2. The circular introduces a guidance note to help OFIs identify, assess, and mitigate money laundering/terrorism financing risks in their operations.
  3. OFIs are required to comply with the guidance note immediately.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/006

0 implied HN points • 01 Apr 22
💰 Finance Banking Regulation Economy
  1. The Central Bank of Nigeria issued a circular regarding the treatment of Composed Banknotes to prevent distortions in the value of currency and potential fraudulent activities.
  2. The circular imposes a penalty of 400% of the value for any Composed Banknote found in the deposits of Deposit Money Banks.
  3. Deposit Money Banks are requested to pay special attention to the treatment of Composed Banknotes as per the circular COD/DIR/INT/CIR/001/006.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/040

0 implied HN points • 15 Mar 22
💰 Finance Central Bank Regulation Covid-19 Impact
  1. The Central Bank of Nigeria has extended the 5% per annum interest rate on CBN intervention facilities for one year starting from February 28, 2022.
  2. Financial institutions are required to follow this regulatory forbearance for restructuring credit facilities affected by COVID-19.
  3. Enquiries regarding this regulatory update can be directed to the Director of the Development Finance Department.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/INM/003/042

0 implied HN points • 14 Mar 22
💰 Finance Banking Regulations Currency
  1. The circular outlines guidelines for the Bank Neutral Cash Hub (BNCH) in Nigeria, which offers cash services to high volume/value customers to reduce risk and costs related to currency management.
  2. The purpose of the BNCH is to provide bank-neutral cash withdrawal and deposit services, aiming to enhance the efficiency and security of cash transactions.
  3. Feedback and inquiries regarding the operational guidelines for the BNCH should be directed to the Director, Currency Operations Department, Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/01/002

0 implied HN points • 25 Feb 22
💰 Finance Regulatory Central Bank Foreign Exchange
  1. The Central Bank of Nigeria has introduced the RT200 Programme to reduce exposure to volatile foreign exchange sources and earn more stable inflows.
  2. The CBN has issued guidelines for the implementation of the RT200 Non-Oil Export Rebate scheme that Authorized Dealers must comply with immediately.
  3. The guidelines for the RT200 Programme are aimed at creating a more sustainable and stable foreign exchange system.

Alert: Central Bank of Nigeria Circular CPD/GEN/GUIDE/01-2020

0 implied HN points • 27 Jan 22
💰 Finance Regulations Banking Financial Institutions Charges Transactions
  1. Revised guide from Central Bank of Nigeria on bank charges includes lower fees for electronic transactions and aligning other charges with market trends.
  2. New sections added to the guide emphasize accountability, responsibility, and a sanction regime for dealing with excessive, unauthorized, and random charges.
  3. Financial institutions are required to comply with the updated guide starting from January 1, 2020.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/PUB/01/001

0 implied HN points • 21 Jan 22
💰 Finance Regulation Banking Trade
  1. Starting February 1, 2022, all import and export operations in Nigeria must use an Electronic Invoice authenticated by Authorised Dealer Banks on the Nigeria Single Window portal.
  2. The new regulation aims to ensure accurate valuation of import and export items through a Global Price Verification Mechanism based on benchmark prices.
  3. Imports and exports with unit prices deviating more than 2.5% from verified global prices will be scrutinized and may not be allowed to proceed.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/031

0 implied HN points • 31 Dec 21
💰 Finance Regulations Banks Transactions Compliance
  1. Financial institutions in Nigeria must conduct thorough due diligence on customers before opening accounts and monitor transactions for suspicious activities.
  2. These institutions are required to keep transaction records for at least five years and report any suspicious transactions to the appropriate authorities.
  3. Clients are mandated to provide valid identification and comply with all specified regulations and guidelines when dealing with financial institutions in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/035

0 implied HN points • 31 Dec 21
💰 Finance Regulations Banking Compliance
  1. Financial institutions in Nigeria must ensure they collect required documentation and identification data from customers to comply with regulations.
  2. All banks should establish and maintain internal control systems to promote compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
  3. Institutions need to have trained staff and technological systems in place to effectively comply with regulatory requirements.

Alert: Central Bank of Nigeria Circular DFD/DIR/PUB/CIR/01/002

0 implied HN points • 05 Nov 21
💰 Finance Banking Policy Economy Guidelines
  1. The Central Bank of Nigeria issued guidelines for the 100 for 100 Policy on Production and Productivity (100 for 100 PPP) to eligible private companies.
  2. The goal is to increase credit flow to the real sector and reduce dependence on imports, fostering economic growth and transformation.
  3. Interested companies can obtain more information by contacting the Director, Development Finance Department at the Central Bank of Nigeria in Abuja.

Alert: Central Bank of Nigeria Circular CCD/GUI/01/20-10-2021

0 implied HN points • 20 Oct 21
💰 Finance Regulations Financial Institutions Entrepreneurship Guidelines
  1. The Central Bank of Nigeria issued a circular about the Guidelines for the Implementation of Tertiary Institutions Entrepreneurship Scheme (TIES). Financial institutions must provide compliance details, student participation numbers, report challenges, and maintain communication with authorities.
  2. The circular emphasizes the importance of adherence to the guidelines set forth for the Tertiary Institutions Entrepreneurship Scheme (TIES).
  3. Financial institutions are urged to engage in open communication with the relevant authorities regarding the implementation of the Tertiary Institutions Entrepreneurship Scheme (TIES).

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/013/149

0 implied HN points • 12 Oct 21
💰 Finance Regulations Banking Payment Systems
  1. The Central Bank of Nigeria issued a revised regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian banking industry to enhance customer due diligence and Know Your Customer processes.
  2. The aim of the framework is to promote a safe and efficient banking and payment system in Nigeria by improving regulatory oversight.
  3. The Central Bank will continuously monitor industry developments and offer further guidance as needed to ensure compliance with the regulatory framework.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/007

0 implied HN points • 11 Oct 21
💰 Finance Banking Policy Africa Regulations
  1. The Central Bank of Nigeria has issued a circular regarding the introduction of the Pan African Payments and Settlement System (PAPSS) for faster and cheaper cross-border transactions within Africa.
  2. The PAPSS system supports cross-border retail payments in local currencies in West Africa and inter-bank settlement in USD.
  3. Each central bank will determine eligible transactions for foreign exchange, and commercial banks may maintain a USD settlement account at Afreximbank for payments outside of eligible transactions.

Alert: Central Bank of Nigeria Circular OFI/DOA/LTT/CON/002/138

0 implied HN points • 08 Oct 21
💰 Finance Regulatory Compliance Central Bank Financial Institutions Nigeria
  1. All Other Financial Institutions in Nigeria must prepare their annual financial statements according to International Financial Reporting Standards (IFRS) starting from the 2021 financial year.
  2. The Central Bank of Nigeria will no longer accept financial statements that do not comply with IFRS, and non-compliance will lead to penalties.
  3. OFIs adopting IFRS for the first time must follow IFRS 1 for first-time adopters to ensure compliance.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/027

0 implied HN points • 30 Sep 21
💰 Finance Regulations Banks
  1. The Circular published by the Central Bank of Nigeria contains a comprehensive list of licensed microfinance banks as of September 30, 2021, with details like addresses and statuses.
  2. The listed microfinance banks in the Circular are located in states including Anambra, Lagos, Edo, Ogun, Abia, Bauchi, and the F.C.T.
  3. The Circular classifies the microfinance banks into categories such as state, national, and tier 2 units, offering insights into their operational scope.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/026

0 implied HN points • 30 Sep 21
💰 Finance Banking Regulations Nigeria
  1. Financial institutions should take note of the list of deposit money banks provided in the circular, categorized by their banking licenses and addresses.
  2. The circular from the Central Bank of Nigeria includes information on international, national, and regional deposit money banks as of September 30, 2021.
  3. The circular can be downloaded from the Central Bank of Nigeria website for further reference.