Nigerian Chapter of The Lexology In-Depth: Banking Regulation, 15th Edition

Banwo & Ighodalo is proud to have exclusively contributed to the Nigerian Chapter of the 15th Edition of the Lexology In-Depth: Banking Regulation (formerly the Banking Regulation Review) (the “Review”). This edition of the Review covers the banking regulatory ecosystem in thirty (30) jurisdictions, including Nigeria.

The Review highlights the slow roll-out of banking related policies in the first half of 2023, due to the Nigerian general elections, and the impact of the banking sector’s performance on the economy; noting the key role played by the sector in financing the attainment of sustainable economic growth in Nigeria.

In the Review, we discussed the efforts of the Central Bank of Nigeria in stabilising the foreign exchange rate and reinforcing the integrity of the banking sector, and particularly explored the focal points surrounding the Central Bank of Nigeria’s issuance of policies in focus-areas including corporate governance, prudential regulation and financial technology. In implementing these policies, we forecasted that the Nigerian banking sector will experience increased push for a cashless economy, stabilisation of the foreign exchange and inflation rates, and ultimately less volatility in the financial markets driven by FX rates determined by a market price discovery.

Notably, we provided a background to the recapitalization programme kickstarted by the Central Bank of Nigeria and equally provided an insight into the recapitalisation options available to Nigerian banks, and to be explored within the next twenty-four (24) months.

Our contribution is certainly an insightful read for all stakeholders advising, operating and exploring interests in Nigeria’s banking sector, and for all Nigerians in general.

To access the publication please click here