Cbn new rules 2018

You're referring to the new rules introduced by the Central Bank of Nigeria (CBN) in 2018!

Here are some of the key changes:

  1. Cashless Policy: The CBN introduced a cashless policy, which aimed to reduce the use of cash transactions and promote electronic payments. The policy introduced a 2% commission on withdrawals above N500,000 and 5% commission on withdrawals above N3 million.
  2. Minimum Operating Cycle: The CBN introduced a minimum operating cycle of 30 days for all banks, which means that banks must maintain a minimum balance of 30 days' worth of transactions.
  3. Liquidity Ratio: The CBN increased the liquidity ratio from 30% to 35%, which means that banks must maintain a minimum of 35% of their deposits in liquid assets, such as cash and government securities.
  4. Capital Adequacy Ratio: The CBN increased the capital adequacy ratio from 10% to 15%, which means that banks must maintain a minimum of 15% of their risk-weighted assets as capital.
  5. Risk-Based Supervision: The CBN introduced a risk-based supervision framework, which focuses on identifying and mitigating risks in the banking system.
  6. Digital Payments: The CBN encouraged the adoption of digital payments by introducing incentives for banks and fintech companies that promote digital payments.
  7. Open Banking: The CBN introduced open banking regulations, which allow third-party providers to access customer data and offer financial services.
  8. KYC/AML: The CBN strengthened Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations to combat financial crimes.
  9. Credit Risk Management: The CBN introduced guidelines for credit risk management, which aim to improve the creditworthiness of borrowers and reduce non-performing loans.
  10. Financial Inclusion: The CBN introduced initiatives to promote financial inclusion, such as the National Financial Inclusion Strategy and the Financial Inclusion Roadmap.

These new rules aimed to improve the stability and efficiency of the Nigerian banking system, promote financial inclusion, and reduce the risk of financial crimes.