Banks and Other Financial Institutions Act (BOFIA) 2020

Central Bank of Nigeria Act
Summary

Repealed BOFIA 1991. Strengthens CBN licensing, supervision and resolution powers, introduces the Banking Sector Resolution Fund, and expands the perimeter to capture new financial business models.

Applicability

Banks, specialised banks and other financial institutions.

Open Source Document ↗
Document Details
Date Issued
13 Nov 2020
Date Effective
13 Nov 2020
Compliance Deadline
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