Synopsis
1. CBN ANNOUNCES ALLOWABLE LIMIT FOR NAIRA PAYOUTS
The Central Bank of Nigeria (“CBN”), by a circular dated August 9, 2023, announced the allowable limit of -2.5% to +2.5% of the Investors and Exporters window average rate of the previous day as the anchor rate for the Naira payout option.
2. CBN INTRODUCES OPERATIONAL MECHANISMS FOR BUREAU DE CHANGE OPERATIONS IN NIGERIA
The CBN, by a letter dated August 17, 2023, informed all Bureau De Change (“BDC”) and the general public of its newly issued operational mechanisms for the BDC segment of the Nigerian Foreign Exchange Market.
3. CBN RELEASES LIST OF ACCREDITED CHEQUE PRINTERS FOR BANKS IN NIGERIA
The CBN has released to the banks and other stakeholders an updated list of its accredited cheque printers and personalisers in fulfilment of its mandate to ensure efficient payment and settlement.
MARKET UPDATES
1. FINANCIAL SERVICES REGULATION AND COORDINATING COMMITTEE IN COLLABORATION WITH THE NATIONAL BROADCASTING COMMISSION ISSUES ADVISORY STATEMENT ON ILLEGAL FINANCIAL OPERATORS
The Financial Services Regulation and Coordinating Committee in collaboration with the National Broadcasting Commission issued an advisory statement concerning Illegal Financial Operators to the general public.
2. CBN LAUNCHES PRICE VERIFICATION SYSTEM PORTAL
The CBN announced the introduction of its Price Verification System portal set to launch on August 31, 2023.
3. PENCOM DEVELOPS 5-YEAR STRATEGIC PLAN FOR CUSTOMER RIGHTS PROTECTION
The Nigerian Pension Commission (“PENCOM”) has initiated a 5-year corporate strategic initiative, towards the protection of the rights of consumers (i.e., Pension Fund Contributors), and effective service delivery, in the PENCOM sector.
4. SEC TO COLLABORATE WITH THE MINISTRY OF MINES TO PROMOTE CAPITAL RAISING
Based on media reports, the Securities and Exchange Commission (“SEC”) has announced its intention to collaborate with the Ministry of Mines and relevant stakeholders, in a bid to promote the use of alternative means of capital raising, for the mining sector of Nigeria.
5. NGX AND PENCOM LAUNCH PENSION BROAD INDEX
It has been reported in the media that the PENCOM, in collaboration with the Nigerian Exchange Limited (“NGX”), has launched an NGX Pension Broad Index.
NGX UPDATES
NGX PARTNERS WITH THE UNITED KINGDOM’S MOBILIST PROGRAMME
The NGX has announced a proposed partnership with the Mobilising Institutional Capital Through Listed Product Structures (“MOBILIST”) programme of the United Kingdom. The MOBILIST programme is aimed at enabling sustainable investment in Nigeria and would encourage listings, such as green products, on partner Exchanges, including the NGX.
LEGISLATIVE UPDATES
ENACTMENT OF THE EVIDENCE (AMENDMENT) ACT 2023
The President of the Federal Republic of Nigeria, on 12 June, 2023, signed the Evidence (Amendment) Act 2023 into law. This is to introduce key innovations and to bring it in line with global realities and technological advancements in evidence taking.
FIRS ISSUES PUBLIC NOTICE ON THE IMPLEMENTATION OF THE FINANCE ACT, 2023
The Federal Inland Revenue Service (“FIRS”), on 25 August, 2023, announced the amendment to the enactment of the Finance Act, 2023.
Download Banking & Finance Regulatory Update – August 2023
