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CBN limits payment suspension for troubled banks to a maximum of two business daysNew rule aims to enhance confidence in Nigeria’s financial system and mitigate uncertaintyRegulatory guidance addresses BOFIA provisions, aligning with international best practices
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has introduced a new rule limiting the suspension of payment and delivery obligations involving troubled banks and other financial institutions to a maximum of two business days.
The directive, which takes immediate effect, aims at reducing uncertainty in Nigeria’s financial system and improving confidence among banks, investors, and other counterparties dealing with institutions facing financial distress.
Olayemi Cardoso-led CBN reels out new rules on payment obligations to failed banks. Credit: CBNSource: Facebook
The clarification comes shortly after the apex bank revoked the licences of 46 microfinance banks, underscoring its continued efforts to strengthen financial sector
