The Central Bank of Nigeria’s new draft rules prohibit banks and other financial organizations applying for conversion licenses from increasing or decreasing their present banking network.
This information is provided by the CBN in a circular to banks and other financial institutions headed “Regulatory guidelines for change of operational licence for banks and other financial institutions in Nigeria”
Chibuzor Efobi, Director of the Financial Policy and Regulation Department, signed the draft.
The notice read, “The following limitations/restrictions shall apply to qualifying banks and OFIs asking for conversion or re-categorization under these regulations. While the application is being considered, the bank or OFI may not increase or decrease its present banking network;”