2015-02-10 | BPS/DIR/GEN/CIR/02/004

Exposure Draft on the Guidelines for Banking Operations in the Free Trade Zones in Nigeria

The Central Bank of Nigeria (CBN) releases an exposure draft of guidelines for banking operations in the country's free trade zones, inviting public feedback. The guidelines cover objectives, establishment of banks, incentives, permissible and prohibited activities, dispute resolution, and operating procedures. Banks in the zones must disclose equity interests and comply with anti-money laundering laws. The CBN may revoke licenses for non-compliance. The guidelines also outline foreign exchange requirements and interpretations of key terms.

Nigeria

Central Bank of Nigeria

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