Buhari signs new law guiding Nigeria's banks, other financial institutions

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The new law repeals the extant Banks and Other Financial Institutions Act 1991 as amended.

President Muhammadu Buhari on Thursday, November 12, 2020 assented to the Banks and Other Financial Institutions Act 2020.

The BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades. It will increase the appetite of banks and other financial institutions to channel much needed credit to the real sector to support economic recovery and promote sustainable growth.

 

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