Brands and Marketing
BREAKING: Buhari Signs New Law Guiding Nigeria’s Banks, Other Financial institutions
Buhari signed new law guiding Nigeria’s banks and other Financial institutions.
OnyxNews Nigeria reports that the President Muhammadu Buhari has approved to the Banks and Other Financial Institutions Act 2020.
This was made public in a statement by Garba Shehu, the presidential spokesman on Friday.
The Act repeals the extant Banks and Other Financial Institutions Act 1991 as amended.
The legislation is expected to enhance the resilience of the financial system for the growth of the economy of Nigerian.
It updates the enabling law in response to developments and significant evolution in the financial sector.
The Presidency said the Act will increase the appetite of banks and other financial institutions to channel credit to the real sector.
It also introduces a credit tribunal to improve loan recovery.
Also, the legislation addresses the incidence of high non-performing loans within the financial system.
The Act strengthens the regulatory and supervisory framework for the financial industry.
It provides additional tools for managing failing institutions and systemic distress to preserve financial stability.
The Central Bank of Nigeria (CBN) will meet stakeholders across various sectors to discuss critical aspects of the Act.
Daily Post
-
Headline1 week ago
BREAKING: Gov Okpebholo Orders Freezing Of All State-owned Bank Accounts
-
Entertainment1 week ago
BREAKING: Kizz Daniel Announces Break From Music
-
Entertainment1 week ago
JUST IN: Court Postpones Falanas’ Suit Against VDM
-
Entertainment6 days ago
Miss Universe 2024: Chidimma Adetshina Awarded First-runner-up Award
-
Headline6 days ago
BREAKING: Lucky Aiyedatiwa Wins Ondo Guber Election – INEC Declares
-
Headline1 week ago
2024 Globe Soccer Award: Lookman, Ronaldo, Messi, Others Nominated (Full List)
-
Headline4 days ago
BREAKING: Son of Norway’s Crown Princess, Marius Hoiby Arrested On Rape, Abuse Charges
-
Headline5 days ago
CAF Awards 2024: Lookman Makes Final Shortlist, Ekong Misses Out
-
Headline3 days ago
BREAKING: South Africa Assumes G20 Leadership From Brazil
-
Headline1 day ago
BREAKING: Supreme Court Cancels National Lottery Act