Aluko & Oyebode Regulatory Update
CBN REGULATORY UPDATES
1. CBN RELEASES STATEMENT ON THE OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET
The Central Bank of Nigeria (“CBN”), by a press release dated June 14, 2023, announced the operational changes to the foreign exchange market.
2. CBN ISSUES OPERATIONAL FRAMEWORK FOR eNAIRA PAYMENT OPTION TO RECIPIENTS OF DIASPORA REMITTANCES
The CBN, by a letter dated June 15, 2023, informed the International Money Transfer Operators and the general public of the operational framework for eNaira payment option to recipients of diaspora remittances.
3. CBN ISSUES GUIDANCE ON OPERATIONAL CHANGES TO THE FX MARKET, LIFTS CASH DEPOSIT RESTRICTION ON DOMICILIARY ACCOUNTS
The CBN, by a letter dated June 16, 2023, addressed to all deposit money banks, issued further guidance on the operational changes to the foreign exchange market.
4. CBN ISSUES CUSTOMER DUE DILIGENCE REGULATIONS 2023
The CBN, by a circular dated June 20, 2023, announced the issuance of the CBN Customer Due Diligence Regulations, 2023.
5. CBN RELEASES GUIDANCE NOTE ON POLITICALLY EXPOSED PERSONS
On June 22, 2023, the CBN issued guidance note on politically exposed persons to assist financial institutions in the assessment of money laundering, terrorism financing and proliferation financing risks.
6. CBN ISSUES THE GUIDELINES FOR CONTACTLESS PAYMENTS IN NIGERIA AND A CIRCULAR ON TRANSACTION LIMITS ON CONTACTLESS PAYMENTS
The CBN on June 27, 2023, issued the guidelines on contactless payments in Nigeria, and a separate circular on transaction limits on contactless payments.
MARKET UPDATES
1. AFREXIMBANK PLANS DOMESTICATION OF ALL INTRA-AFRICA PAYMENT WITH PAPSS
The African Export-Import Bank (“Afreximbank”), on June 21, 2023, announced its plan to domesticate all intra-African payment deploying the use of Pan-African Payment and Settlement System (“PAPSS”).
SEC UPDATES
- SEC COLLABORATES WITH SON TO DEVELOP STANDARDS FOR COMMODITIES: The SEC has announced its intention to collaborate with the Standards Organization of Nigeria (“SON”), in a bid to develop standards for exportable commodities in Nigeria.
- SEC DENOUNCES THE ACTIVITIES OF BINANCE IN NIGERIA: The SEC, pursuant to a circular dated June 9, 2023, denounced the activities of Binance Nigeria Limited and warned the public from doing business with it.
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