The Central Bank of Nigeria (CBN) has released an exposure draft of the guidelines for change of operating licence for banks and other financial institutions (OFIs).
This is contained in a circular released on Tuesday and signed by Chibuzo Efobi, director of CBN’s financial policy and regulation department.
The CBN said the draft guidelines are aimed at providing clarity on the requirements of change of the various licence types for banks and OFIs.empowers the Central Bank of Nigeria , to amongst others, vary the requirements“Consequently, due to increasing requests from financial institutions to either upgrade orfinancial institutions on regulatory requirements.
The apex bank also said such financial institutions must not roll out new products and services, carry out any new strategic banking activity, take any business decision after the conversion process has commenced except in line with the bank’s conversion strategy submitted to the CBN.
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