The hottest Regulation Substack posts right now

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

RegAlert • 0 implied HN points • 10 Aug 23
💰 Finance Regulation
  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 BKS/SCO/CON/001/002

RegAlert • 0 implied HN points • 10 Aug 23
💼 Business Regulation
  1. Financial institutions in Nigeria must adhere to Cheque Printers accreditation for an efficient Payment and Settlement System.
  2. Accredited Cheque Printers and Personalisers in Nigeria have been issued certificates as notified.
  3. Central Bank of Nigeria Circular BKS/SCO/CON/001/002 pertains to the accreditation of Cheque Printers in Nigeria.

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

RegAlert • 0 implied HN points • 12 Jul 23
💰 Finance Regulation
  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 BSD/DIR/GEN/LAB/09/048

RegAlert • 0 implied HN points • 14 Jun 23
💰 Finance Regulation
  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.
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Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/071

RegAlert • 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

RegAlert • 0 implied HN points • 08 Mar 23
💼 Business Regulation
  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.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/070

RegAlert • 0 implied HN points • 24 Feb 23
💰 Finance Regulation
  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 BSD/DIR/PUB/LAB/15/022

RegAlert • 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

RegAlert • 0 implied HN points • 13 Jan 23
💰 Finance Regulation
  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.

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

RegAlert • 0 implied HN points • 06 Dec 22
💰 Finance Regulation
  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/001/059

RegAlert • 0 implied HN points • 12 Oct 22
💰 Finance Regulation
  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 OFI/DOA/CON/ACT/004/155

RegAlert • 0 implied HN points • 29 Jun 22
💰 Finance Regulation
  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 FPR/DIR/PUB/CIR/001/049

RegAlert • 0 implied HN points • 24 May 22
💰 Finance Regulation
  1. Financial institutions must comply with the Regulatory Guidelines for the Redesigned Credit Risk Management System.
  2. Enforcement of the 'submit before disbursement' requirement begins on August 1, 2022.
  3. Customer accounts must be in the 10-digit Nigeria Uniform Bank Account Number format by June 20, 2022 to be enrolled onto the CRMS.

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

RegAlert • 0 implied HN points • 25 Apr 22
💰 Finance Regulation
  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

RegAlert • 0 implied HN points • 01 Apr 22
💰 Finance Regulation
  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/001/042

RegAlert • 0 implied HN points • 28 Mar 22
💰 Finance Regulation
  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 FPR/DIR/PUB/CIR/001/040

RegAlert • 0 implied HN points • 15 Mar 22
💰 Finance Regulation
  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 FPR/DIR/PUB/CIR/001/039

RegAlert • 0 implied HN points • 28 Jan 22
💰 Finance Regulation
  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 FPR/NIB/PUB/CIR/001/038

RegAlert • 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 TED/FEM/FPC/PUB/01/001

RegAlert • 0 implied HN points • 21 Jan 22
💰 Finance Regulation
  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/001/024

RegAlert • 0 implied HN points • 13 Oct 21
💰 Finance Regulation
  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

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Regulation
  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 PSM/DIR/PUB/CIR/01/026

RegAlert • 0 implied HN points • 08 Sep 21
💰 Finance Regulation
  1. Financial institutions in Nigeria must process bulk payments with detailed breakdowns of recipient accounts.
  2. Credits in bulk transfers must be retained by sender's banks, as per the recent regulations.
  3. Compliance with the new payment system regulations, like the one stated in Circular PSM/DIR/PUB/CIR/01/026, is compulsory.

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

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulation
  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

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulation
  1. Financial institutions must comply with guidelines on large exposures for financial stability
  2. Guidelines address concentration risk, monitor exposures, and implement risk management systems
  3. Circular provides detailed instructions on reporting requirements, exposure limits, and risk measurement methodologies

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

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Regulation
  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 FPRD/DIR/PUB/CIR/01/020

RegAlert • 0 implied HN points • 19 Aug 21
💰 Finance Regulation
  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

RegAlert • 0 implied HN points • 04 Aug 21
💰 Finance Regulation
  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

RegAlert • 0 implied HN points • 02 Aug 21
💰 Finance Regulation
  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

RegAlert • 0 implied HN points • 29 Jul 21
💰 Finance Regulation
  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 FPR/DIR/PUB/CIR/001/025

RegAlert • 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/01/015

RegAlert • 0 implied HN points • 30 Jun 21
💰 Finance Regulation
  1. The post highlights a circular from the Central Bank of Nigeria that provides a list of licensed finance companies as of June 30, 2021.
  2. The circular includes the names and addresses of the finance companies mentioned.
  3. Readers can download the full circular, FPR/DIR/CIR/GEN/01/015, from the provided link on the Central Bank of Nigeria website.