For example, the regulations require PSBs to issue cards and install ATMs rather than giving them the option of a purely digital proposition.
NAICOM's power to administer, supervise, regulate and control the insurance industry is derived both from its establishment Act and the Insurance Act.
Perchstone & Graeys
On October 22, 2018, the Central Bank of Nigeria (CBN) issued a circular pursuant to its Microfinance Policy, Regulatory and Supervisory Framework (April 2011).
Banwo & Ighodalo
As part of its efforts to make the Nigerian business climate investment-friendly, the Federal Government of Nigeria has introduced various incentives and reliefs aimed at promoting both local and foreign investments.
The CBN recently issued a directive, dated 31st January 2018, barring Deposit Money Banks and Discount Houses that do not meet the minimum Capital Adequacy Ratio set by the CBN...
Major highlights of the Circular are presented below.
Perchstone & Graeys
A key concept in banking regulation is the provision of standards or guidelines by regulators to prevent financial institutions from incurring risk-weighted assets beyond their respective risk management capacity and capital adequacy.
The run up to the collapse of Lehman Brothers was fraught with confusion, panic, and several last minute attempts at saving the bank.
In the past two weeks, Nigeria has witnessed certain radical measures imposed on some banks by the new Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi on August 14, 2009.
It is a commercial truism that a banker’s draft, as distinct from a cheque, is generally treated as equivalent to cash and it embodies the bank’s primary and unconditional undertaking to honour its own instrument.
It has been posited that without high levels of domestic savings, broadly based human capital, good macro-economic management and limited price distortions, there would be no basis for economic growth.