Regulatory Alerts2022-10-13 | FPR/DIR/PUB/CIR/001/059Added · Updated
Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria - Exposure Draft
The Central Bank of Nigeria (CBN) has released draft guidelines for the regulation of representative offices of foreign banks in the country. The guidelines outline the requirements for foreign banks to operate in Nigeria, including seeking prior approval from the CBN and paying non-refundable application and licensing fees. The CBN will have full access to the representative offices' internal systems, documents, and staff for supervision and examination purposes.
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