President Muhammadu Buhari has assented to the Banks and
Other Financial Institutions Act 2020.
Garba Shehu, the presidential spokesman, made the
announcement in a statement 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 Nigerian economy.
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.
Furthermore, 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 Ac
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com