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 BSD/DIR/PUB/14/063

0 implied HN points • 02 Sep 21
💰 Finance
  1. The Central Bank of Nigeria has released Basel III Guidelines/Reporting Templates for deposit money banks, covering areas like regulatory capital and liquidity monitoring.
  2. The guidelines also include information on group and solo capital adequacy, leverage ratio, and large exposures.
  3. Revised Guidelines on the Supervisory Review Process of Internal Capital Adequacy Assessment Process have been issued for adoption by banks.

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

0 implied HN points • 02 Sep 21
💰 Finance Regulation Banking Compliance
  1. The Central Bank of Nigeria issued new leverage ratio guidelines in September 2021 to ensure financial institutions maintain adequate capital in relation to their risk exposure and activities.
  2. Financial institutions are expected to comply with the outlined principles in the guidelines.
  3. In addition to compliance, timely submission of required reports is crucial for financial institutions.

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

0 implied HN points • 02 Sep 21
💰 Finance Regulatory Compliance
  1. The Central Bank of Nigeria issued guidelines on regulatory capital for financial institutions in the country, requiring them to meet specified minimum capital requirements.
  2. Financial institutions in Nigeria are advised to maintain compliance with the newly issued guidelines on regulatory capital and seek clarification from the regulatory body in case of any uncertainties.
  3. It is crucial for financial institutions in Nigeria to carefully adhere to the guidelines provided in Circular BSD/DIR/PUB/14/063 to ensure regulatory compliance.

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

0 implied HN points • 02 Sep 21
💰 Finance Regulations
  1. Financial institutions must implement effective liquidity risk management practices and assess internal liquidity adequacy according to provided guidelines.
  2. Institutions need to maintain sufficient liquidity buffers, establish contingency funding plans, and regularly monitor and report liquidity risk.
  3. The circular issued by the Central Bank of Nigeria emphasizes the importance of managing liquidity risk effectively.
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Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/14/063

0 implied HN points • 02 Sep 21
💰 Finance Regulatory Compliance Risk management Banking
  1. The Central Bank of Nigeria issued revised guidelines on supervisory review process for internal capital adequacy assessment to enhance supervision and risk management in financial institutions.
  2. Financial institutions in Nigeria are required to comply with the new guidelines to ensure accurate assessment of internal capital adequacy.
  3. The aim of the revised guidelines is to strengthen the supervision and risk management practices in the financial sector of Nigeria.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/14/059

0 implied HN points • 30 Aug 21
💰 Finance Regulatory Alerts
  1. Financial institutions in Nigeria must publish names and BVNs of customers who present fake travel documents or fail to return purchased FOREX for PTA/BTA within two weeks.
  2. Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/14/059 specifies the requirement for financial institutions regarding defaulters of CBN policies on FOREX.
  3. The circular aims to enhance transparency and accountability in foreign exchange transactions in Nigeria.

Alert: Central Bank of Nigeria Circular FPRD/DIR/PUB/CIR/01/020

0 implied HN points • 19 Aug 21
💰 Finance Regulation Banking Compliance Financial Services
  1. Microfinance Banks in Nigeria are required to adhere to strict guidelines outlined by the Central Bank, including focusing on providing financial services to retail and micro-clients, rather than engaging in foreign exchange transactions.
  2. At least 80% of the total loan portfolios for Microfinance Banks should be allocated to micro credit facilities, as per the Revised Regulatory and Supervisory Guidelines.
  3. The Circular FPRD/DIR/PUB/CIR/01/020 issued by the Central Bank of Nigeria emphasizes the cessation of non-permissible activities for Microfinance Banks.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/012

0 implied HN points • 04 Aug 21
💰 Finance Regulation Banking
  1. The Central Bank of Nigeria issued guidelines to regulate and supervise credit guarantee companies to support MSMEs by reducing credit risk and driving lower interest rates on loans.
  2. Stakeholders in the financial services industry are encouraged to review the draft guidelines and provide feedback within three weeks.
  3. The aim of the guidelines is to improve access to lending for micro, small, and medium-scale enterprises in Nigeria.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/011/142

0 implied HN points • 02 Aug 21
💰 Finance Regulation Banking Payments Guidelines
  1. The Central Bank of Nigeria has issued guidelines for the licensing and regulation of Payments Service Holding Companies in Nigeria.
  2. The circular PSM/DIR/CON/INM/011/142 outlines the specific requirements and directives for these companies.
  3. Those interested can download the detailed guidelines from the official website of the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/LAD/INT/BDC/01/095

0 implied HN points • 29 Jul 21
💰 Finance Regulation Banking Nigeria
  1. Financial institutions in Nigeria are required to refund capital deposits and licensing fees to promoters with pending Bureaux de Change (BDC) license applications.
  2. BDC promoters must provide written requests along with necessary documents for the refund, including the telex copy of the capital deposit, account details, and bank draft/telex for licensing fees.
  3. Deposit Money Banks in Nigeria should cease accepting instructions to transfer capital deposits for BDC license applications as per the recent directive from the Central Bank of Nigeria (CBN).

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/14/052

0 implied HN points • 28 Jul 21
💰 Finance Regulations
  1. Financial institutions in Nigeria must set up teller points at designated branches for the sale of foreign exchange to retail customers, selling FX in cash and/or electronically.
  2. Institutions should not refuse customers if all documentation and requirements are met, and must establish electronic systems to update customers on the status of their FX requests.
  3. The Central Bank of Nigeria has issued Circular BSD/DIR/PUB/LAB/14/052 detailing these requirements for FX sales at bank branches.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/011/091

0 implied HN points • 09 Jul 21
💰 Finance Regulations Risk management Financial Institutions
  1. Financial institutions in Nigeria must follow the regulatory framework for mobile money services to ensure transaction safety.
  2. Institutions need to strengthen their risk management systems for mobile money operations.
  3. Cooperation with the Central Bank of Nigeria is necessary to provide important data for oversight of mobile money transactions.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/016

0 implied HN points • 30 Jun 21
💰 Finance Banking
  1. The post lists licensed microfinance banks in Nigeria as of June 30, 2021 with details like names, addresses, tier 1 or tier 2 status, and state or national status.
  2. The Circular FPR/DIR/CIR/GEN/01/016 provides important information for those interested in the microfinance sector in Nigeria.
  3. The document is accessible for download from the Central Bank of Nigeria website.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/013

0 implied HN points • 30 Jun 21
💰 Finance Banking
  1. Financial institutions should review the list of licensed payment service banks in Nigeria as of June 30, 2021.
  2. The list includes companies like Hope PSB Limited, Moneymaster PSA Limited, and 9 PSA Limited based in Lagos.
  3. The Central Bank of Nigeria's Circular FPR/DIR/CIR/GEN/01/013 contains important information for financial institutions.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/018

0 implied HN points • 30 Jun 21
💰 Finance Regulations Banking Compliance
  1. The post discusses a circular from the Central Bank of Nigeria regarding a list of Deposit Money Banks as of June 30, 2021, classified based on their licensing authorization and head office addresses.
  2. Financial institutions are required to adhere to the specific list of deposit money banks mentioned in the circular, categorized by their licensing authorization types (international, national, regional) and the locations of their head offices.
  3. The circular emphasizes the inclusion of institutions with commercial banking licenses and international, national, or regional authorizations, providing clarity on the types of institutions covered and their distinctions.

Alert: Central Bank of Nigeria Circular FPR/LAD/CON/BDC/006/100

0 implied HN points • 23 Jun 21
💰 Finance Regulations Banking Compliance Fees Sanctions
  1. Financial institutions in Nigeria must pay their Annual Licence Renewal Fees by 31st March each year from their operating accounts in the names of the institutions to avoid sanctions.
  2. Payments must be made within the regulatory deadline to be considered for processing by the Central Bank of Nigeria.
  3. Non-compliance with the payment of Annual Licensing Renewal Fees may lead to necessary sanctions being imposed by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/004

0 implied HN points • 26 May 21
💰 Finance Regulations Banking Taxation
  1. The Central Bank of Nigeria issued guidelines for shared services in the banking sector to address governance, financial management, and tax concerns, aiming to prevent abuse and ensure compliance by June 1, 2022.
  2. The guidelines focus on streamlining activities of institutions involved in shared services and transfer pricing.
  3. It is essential for institutions in the banking industry to adhere to these guidelines to prevent the misuse of shared services agreements as tax shields.

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/10/145

0 implied HN points • 24 May 21
💼 Business Regulations
  1. Financial institutions in Nigeria must meet new license requirements for the payments system, including submitting various necessary documents and information to the Central Bank of Nigeria.
  2. Required documents include the company's audited financial statements for the past 3 years, proof of tax clearance for 3 years, and details about ownership, business operations, and structure.
  3. All applications for the new license requirements should be sent to the Payments System Management Department of the Central Bank of Nigeria in Abuja.

Alert: Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/002

0 implied HN points • 20 Apr 21
💰 Finance Regulations Currency Banking
  1. Financial institutions in Nigeria must accept old and lower denominations of United States Dollars as legal tender or face sanctions.
  2. Authorized forex dealers are advised to avoid defacing or stamping US Dollar banknotes to preserve their authenticity.
  3. The Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/002 provides details on the rejection of old/lower denominations of USD by DMBs and FOREX dealers.

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

0 implied HN points • 09 Apr 21
💰 Finance Regulation Banking Nigeria
  1. Financial institutions in Nigeria must enroll in the CRMS and report credit facilities monthly, tagging credit files of borrowers with BVN and TIN by May 14, 2021. Non-compliance could lead to sanctions.
  2. Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Finance Companies (FCs) are among the institutions required to enroll in the CRMS.
  3. The Circular FPRD/DIR/PUB/CIR/01/002 issued by the Central Bank of Nigeria provides details on the enrollment process and requirements for financial institutions.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/007

0 implied HN points • 31 Mar 21
💰 Finance Regulation Compliance Central Bank
  1. The Central Bank of Nigeria issued Circular FPR/DIR/GEN/CIR/01/007 regarding a list of finance companies licensed as of March 31, 2021. Financial institutions are required to review the list and ensure compliance with regulations.
  2. The circular provides a reference for financial institutions to follow with regards to the licensed finance companies in Nigeria.
  3. The document linked in the post contains the specific list of finance companies that financial institutions need to be aware of and comply with.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/005

0 implied HN points • 30 Mar 21
💰 Finance Regulation Banking
  1. The Central Bank of Nigeria issued Circular FPR/DIR/CIR/GEN/01/005 regarding Bureaux De Change Institutions as of March 31, 2021.
  2. The circular contains a list of Bureaux De Change Institutions as of the specified date, providing transparency and regulatory information.
  3. This announcement was made public by the Central Bank of Nigeria through official channels for public awareness and compliance purposes.

Alert: Central Bank of Nigeria Circular FMD

0 implied HN points • 18 Mar 21
💰 Finance Regulatory Banking Investing Economy Policy
  1. The Central Bank of Nigeria has issued a circular regarding the Nigerian Treasury Bills Issue Programme for the second quarter of 2021.
  2. Financial institutions are being asked to participate in this programme, with specific dates and values provided for the maturing bills and the issue bills.
  3. It's important to note that the offer amounts mentioned in the circular are subject to change at short notice.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/003

0 implied HN points • 06 Mar 21
💰 Finance Banking Policy
  1. The Central Bank of Nigeria has introduced the 'CBN Naira 4 Dollar Scheme' to incentivize senders and recipients of international money transfers.
  2. Recipients of diaspora remittances through CBN licensed IMTOs will receive N5 for every USD received, regardless of whether they collect the cash or transfer it into their domiciliary account.
  3. The 'Naira 4 Dollar Scheme' is effective from March 8, 2021, to May 8, 2021.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/001

0 implied HN points • 03 Mar 21
💰 Finance Regulatory Central Bank Covid-19 Impact Interest Rates Financial Institutions
  1. Central Bank of Nigeria has extended reduced interest rates for another twelve months on CBN intervention facilities.
  2. Financial institutions can roll over moratorium on CBN intervention facilities on a case-by-case basis.
  3. Regulatory forbearance measures are in place for restructuring credit facilities impacted by COVID-19.

Alert: Central Bank of Nigeria Circular FPR/AML/CON/BOF/006/002

0 implied HN points • 10 Feb 21
💰 Finance Regulatory Compliance Money Laundering
  1. Financial institutions in Nigeria must accept Machine Readable Convention Travel Documents and Refugee Identification Cards as valid means of identification for banking transactions.
  2. Effective customer due diligence policies and procedures are necessary for combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
  3. The Circular FPR/AML/CON/BOF/006/002 from the Central Bank of Nigeria highlights the importance of compliance and vigilance in the financial sector.

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

0 implied HN points • 26 Jan 21
💼 Business Regulations
  1. The Federal Government has appointed Pre-shipment Inspection Agents (PIAs) to oversee non-oil exports in specific regions of Nigeria
  2. Different regions will have different appointed agents such as Anglia International Services Limited, Neroli Technologies Limited, and Gojopal Nigeria Limited
  3. Monitoring & Evaluation Agents have been assigned to supervise the activities of the appointed Pre-shipment Inspection Agents in their respective zones