Regulatory Alerts2026-07-01 | FMD/DIR/PUB/CIR/001/029CBN Interpretative Guidance on BOFIA Sections 34(2)(b) and 40(2)
The Central Bank of Nigeria issued this circular to resolve uncertainty regarding the maximum duration for suspending payment obligations and termination rights under the Banks and Other Financial Institutions Act 2020. The guidance mandates that such suspensions shall not exceed two business days from the date the CBN Governor issues the written order or notice. This directive applies to all banks, financial institutions, and counterparties involved in affected contracts to ensure effective commercial risk management.
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