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Banks and Other Financial Institutions Act, 2020 🇳🇬

Nigeria

Table of Contents

Coat of Arms

Banks and Other Financial Institutions Act, 2020

  • Published in Federal Republic of Nigeria Official Gazette on 17 November 2020
  • Commenced on 12 November 2020
  • [This is the version of this document from 17 November 2020.]
AN ACT TO REPEAL THE BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, CAP. B3, LAWS OF THE FEDERATION OF NIGERIA, 2004 AND ENACT THE BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020 TO, AMONG OTHER THINGS, REGULATE AND SUPERVISE BANKING AND BUSINESS OF OTHER FINANCIAL INSTITUTIONS IN NIGERIA ; AND FOR RELATED MATTERS.ENACTED by the National Assembly of the Federal Republic of Nigeria—

Chapter A
BANKS

Part I – LICENSING AND OPERATION OF BANKS

1. Functions, powers and duties of the Central Bank of Nigeria

The Central Bank of Nigeria (in this Act referred to as "the Bank") shall have all the functions and powers conferred and duties imposed on it by this Act.
(2)The Bank may authorise or instruct any officer or employee of the Bank to perform any of its functions, exercise any of its pow…

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