Banking Updates: Recent Landmark Regulations, Legislations And Case Law Affecting The Banking And Finance Sectors

In the last three (3) months, the Central Bank of Nigeria (“CBN”) has played an active role in the Nigerian financial markets by issuing various circulars, guidelines (including draft guidelines), and reports that impact on, amongst others, the emerging mobile money market, efficient and transparent procedures for financial institutions and the creative industry, for the overall improvement of the Nigerian economy. In this newsletter, we highlight and review key regulatory publications issued by the CBN from June – August 2019.

This newsletter contains a review of the following regulatory publications:

• CBN Circular on the Commencement of the Export Facilitation Initiative (EFI) – June 2019;

• CBN Letter to Deposit Money Banks (DMBs) on Regulatory Measures to Improve Lending to the Real Sector – July 2019;

• CBN Circular on the Modalities for the Implementation of the Creative Industry Financing Initiative (CIFI) – July 2019;

• CBN Circular on the Operation of Mobile Money Wallets by Deposit Money Banks (DMBs) – July 2019;

• CBN Circular to all Banks Re the Guidelines on Accessing the CBN Standing Deposit Facility– July 2019;

• CBN Consumer Protection Guidelines on Disclosure and Transparency– August 2019;

• CBN Draft Prudential Guidelines for Mortgage Refinance Companies in Nigeria– August 2019;

• CBN Prudential Draft Guidelines for Microfinance Banks – August 2019;

• CBN Draft Prudential Guidelines for Commercial, Merchant and Non-Interest Banks – August 2019; and

• Proposed CBN Policy on Loan Defaulters Losing Deposits in Other Banks – August 2019.

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