Regulatory Alerts2008-11-20 | TED-FEM-FPC-GEN-01-126-08Exclusivity Clauses in the Agreements Signed by Nigerian Banks with International Money Transfer Operators
The Central Bank of Nigeria has directed all deposit money banks to remove exclusivity clauses in agreements with international money transfer operators, as they constitute a restraint on competition and increase costs. Existing agreements will be reviewed to expunge such clauses immediately, and banks are required to inform their respective international partners to strictly comply.
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