New cbn rules

You're referring to the new rules and regulations issued by the Central Bank of Nigeria (CBN)!

The CBN has been issuing new rules and guidelines to regulate various aspects of the Nigerian economy, including banking, finance, and trade. Here are some of the recent notable ones:

  1. Cashless Policy: The CBN introduced a cashless policy in 2020, which aims to reduce the use of cash transactions and promote electronic payments. The policy has been implemented in phases, with the goal of reducing cash transactions to 20% by 2025.
  2. Open Banking: The CBN introduced open banking regulations in 2020, which require banks to provide access to customer data and account information to third-party providers. This aims to promote innovation and competition in the banking sector.
  3. Digital Currency: The CBN launched the eNaira, a digital currency, in October 2021. The eNaira is designed to promote financial inclusion, improve payment systems, and reduce the use of cash.
  4. Foreign Exchange Regulations: The CBN has introduced new regulations to regulate foreign exchange transactions, including the requirement for importers to obtain a pre-shipment inspection report before importing goods.
  5. Banking Sector Reforms: The CBN has introduced reforms to strengthen the banking sector, including the introduction of a new minimum capital requirement for banks and the implementation of a risk-based capital adequacy framework.
  6. Microfinance Bank Regulations: The CBN has introduced new regulations for microfinance banks, including the requirement for them to maintain a minimum capital base and to operate in a more transparent and accountable manner.
  7. Payment System Regulations: The CBN has introduced new regulations for payment systems, including the requirement for payment service providers to obtain a license and to comply with minimum standards for security and customer protection.
  8. Cryptocurrency Regulations: The CBN has banned the use of cryptocurrencies such as Bitcoin and others in Nigeria, citing concerns about their volatility and potential use for illegal activities.
  9. Wholesale Foreign Exchange Market: The CBN has introduced a new wholesale foreign exchange market, which allows authorized dealers to buy and sell foreign exchange at a fixed rate.
  10. Financial Inclusion Regulations: The CBN has introduced regulations to promote financial inclusion, including the requirement for banks to provide basic banking services to low-income individuals and small businesses.

These are just a few examples of the new rules and regulations issued by the CBN. The bank continues to issue new guidelines and updates to existing regulations to promote financial stability, inclusion, and growth in Nigeria.