President Muhammadu Buhari has assented to the
Banks and Other Financial Institutions Act 2020.
Garba Shehu, the presidential spokesman, made
the announcement in a statement on Friday,
The Act repeals the extant Banks and Other
Financial Institutions Act 1991 as amended.
The legislation is expected to enhance the
resilience of the financial system for the growth of
the Nigerian economy.
It updates the enabling law in response to
developments and significant evolution in the
financial sector.
The Presidency said the Act will increase the
appetite of banks and other financial institutions
to channel credit to the real sector.
It also introduces a credit tribunal to improve loan
recovery.
Furthermore, the legislation addresses the
incidence of high non-performing loans within the
financial system.
The Act strengthens the regulatory and supervisory
framework for the financial industry.
It provides additional tools for managing failing
institutions and systemic distress to preserve
financial stability.
The Central Bank of Nigeria (CBN) will meet
stakeholders across various sectors to discuss
critical aspects of the Act
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