Bofia Nigeria: Muhammadu Buhari okay new Banks and Other Financial Institutions Act 2020

President Muhammadu Buhari don sign a new law wey go govern baking and finance sector for Nigeria.

Di new BOFI Act 2020 alias Banks and Other Financial Institutions Act 2020, dey replace Banks and Other Financial Institutions Act 1991 as-amended.

For investors and pipo wey get business eye, dis important law na im pipo must obey as e concern money mata for Nigeria and how Central Bank of Nigeria, foreign and local banks plus finance houses must operate.

Wetin to sabi about [Bofia Nigeria]

Di new law [Act] don remove and replace di Banks and Other Financial Institutions Act of 1991 based on some amendment alias changes dem put .

Dis law dey expected to encourage di soundness and resilience of di financial system for sustainable growth and development of di Nigerian economy.

In addition, di new BOFIA 2020 go also introduce one credit tribunal to improve loan recovery and address mata of high non-performing loans within di financial system, wey don become main palava to borrowing by financial institutions.

E go also strengthen di regulatory and supervisory arrangement for di financial industry and provides additional tools wey go help manage failing banks distress to preserve financial stability amongst others.

Di Central Bank of Nigeria go hold structure engagements with stakeholders across various sectors of di economy on critical aspects of di Act in di coming months.

Download di [BOFI Act 2020 alias Banks and Other Financial Institutions Act] full law here: https://ndic.gov.ng/files/bofia.pdf