CBN Restricts Foreign Banks From ‘Banking Businesses’ - Business

CBN Restricts Foreign Banks From ‘Banking Businesses’ - Business - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Restricts Foreign Banks From ‘Banking Businesses’ (23444 Views)

CBN Restricts Foreign Banks From ‘Banking Businesses’ by forexwilliams(op): 8:13am On Oct 14, 2022

The Central Bank of Nigeria (CBN) has
barred foreign banks operating
representative offices in Nigeria from
providing services designated as
‘banking businesses’ among other
aspects of services.

The apex bank disclosed this yesterday
in its Guidelines for the regulation of
representatives offices of foreign banks
in Nigeria.

The guideline, according to the CBN,
complements its regulation on the
scope of banking activities and
ancillary matters.

Listing the non-permissible activities
for foreign banks operating in the
country, the guideline stated:
“Approved Representative Offices shall
not engage in the following services/
activities; Provision of services
designated in Nigeria as banking
business;

Provision of any commercial
or trading activity that may lead to the
issuance of invoices for services
rendered; and Acceptance of orders on
behalf of the foreign parent; and
engage directly in any financial
transaction.’’

However, the CBN guideline added:
“Representative offices of foreign
banks serve an important purpose of
showcasing the brand and services of
its parent company. It can also
stimulate foreign direct investment to
the host country by connecting capital
to various investment opportunities.

“It is in view of these that the CBN
issues these guidelines, to specify the
requirements for the licensing and
operations of approved representative
offices of foreign banks in Nigeria.”

https://www.vanguardngr.com/2022/10/cbn-restricts-foreign-banks-from-banking-businesses/

2 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Nobody: 8:16am On Oct 14, 2022

Good

2 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by forexwilliams(op): 8:18am On Oct 14, 2022

Mary00:
Good

Sure nice news

1 Like

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by FalseProphet1(m): 8:27am On Oct 14, 2022*

As a prophet, I have no vision concerning this matter.

This I have seen.

39 Likes 2 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by IgiveLadiesBj(m): 8:27am On Oct 14, 2022*

91 Likes 5 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Curious345: 8:27am On Oct 14, 2022*

Cool . Lots of good policy from the CBN ..

But I still demand the CBN governor be sacked ,for buying APC presidential nomination form, for 100m with CBN money .

Wat was running inside his head when he did it ? Or
Maybe his sidechick told him he was popular and could win ?

65 Likes 3 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by deedo93(m): 8:28am On Oct 14, 2022

Emefiele is just clueless

42 Likes 2 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Winters23: 8:28am On Oct 14, 2022

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Nobody: 8:28am On Oct 14, 2022*

>:
When this Buhari 's government steps down, every single person who worked with him should all be rounded up and shot in a public execution

148 Likes 8 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Starz825(m): 8:28am On Oct 14, 2022*

One thing I realized about this our Nigeria politics wey we dey always yarn for here be say :

*All the things wey obidients dey always talk for here against tinubu/shetima....na true talk ..if you check am well, na true..tinubu is corrupt, we can see him flaunt around with Lagos money and he is also not fit medically..and his vp shetima na bk partner and this a red flag

Funny enough

*Most of the things wey Dem urchins dey talk too about obidatti na still true...if you look well sef....Obi sef no clean.. his past political records has so many hoes in them... To me he turned out to be an incompetent governor during his time in Anambra. So I see people trying to support him out of pity (that the igbos have been marginalized for long and also the obvious fact that we are all tired of the old corrupt guys) regardless of his past records..this is also a red flag....
personally I won't be surprised if he disappoint Nigerians in his first tenure.... (though i believe he can't be worse than buhari)

*No even mention atiku..he is not just corrupt..him na big thief...he will also be very autocratic cos of the years wey he don spend dey find this thing

All of them are same mtcheew, they are all politicians ...... that's just it...

It is what it is sha....
just vote wisely

40 Likes 1 Share

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Chizzyjforce: 8:28am On Oct 14, 2022

Unfortunately, I'm not an economics guy so I can't say if this is good or bad. I failed economics from ss1 to ss3. lipsrsealed

I have interest in FinTech though, my app will soon be out for all Nigerians, I'm sure you all will like it.

25 Likes 2 Shares

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by OgaDeyVex: 8:28am On Oct 14, 2022

Nawa o

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Scrupulous419(m): 8:28am On Oct 14, 2022

Curious345:
Cool

Your brain has 2 sides(Right&Left)
At the "Right" side there is nothing "Left" and at the "Left" side there is nothing "Right". Say less the best for you cunt. try dey read

15 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Sablexxxtoons: 8:28am On Oct 14, 2022

CBN.. the best bank for forex roundtrippers

9 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Lalami3232(m): 8:29am On Oct 14, 2022

Don't be deceived oooo, no government institution would enforce any law wey go profit/benefit the masses except their own selfish gain.
Believe the Nigerian government at your own peril grin

I don talk am before and I go talk am again, "Instead of you to go learn programming, oga go and learn programming oooooo"

9 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by DenreleDave(m): 8:29am On Oct 14, 2022

Very soon, Italian officials will restrict foreign Ashawo from "Olosho business".

Our Edo sisters don dey collect customers from the indigenous ashawos grin

3 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by IgiveLadiesBj(m): 8:29am On Oct 14, 2022

Curious345:
Cool

How is it cool?

Please tell me?

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Nobody: 8:29am On Oct 14, 2022

Oh my God!

Is this man being deliberately used to bring this country's economy to the ground?!

9 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by MuslimIgbo: 8:29am On Oct 14, 2022*

CBN, the corporation headed by corrupt BASTARDS, and making life difficult for Nigerians.

Your ATM debit cards are very useless because of CBN. You can't use it purchase or make payments of anything online besides local platforms. THEY ARE THE PRIMARY PEOPLE RESPONSIBLE FOR THIS NAIRA DEVALUATION.

NO PAY PAL,

NO STRIPE

NO SKRILL

NO AMAZON PAY

NO APPLE PAY etc.

femicyrus:
Yet Hausa/Fulani are selling dollars at sabo area in each States of the federation at exorbitant rates unchecked.
Ordinary Nigerian cannot buy goods worth $100 on his own online because of CBN and emiefele and they don't expect retaliation from those other countries

18 Likes 1 Share

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Earlystar698(m): 8:29am On Oct 14, 2022

When you think it is well boom Buhari does it again

4 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by sofeo(m): 8:30am On Oct 14, 2022

It all end next year by God's grace.

8 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Harddiskng(m): 8:30am On Oct 14, 2022

Buddha3:
Oh my God!

Is this man being deliberately used to bring this country's economy to the ground?!

Godwin Emefiele is one of the worst things that has ever happened to Nigeria

By the special grace of God, him and his generations after would not go unpunished.

20 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Nobody: 8:30am On Oct 14, 2022

na wa .in this era of fintech and blockchains? Since they cant use their brains to develop how they can be benefiting from the transactions, they will always be clueless. Who is keeping this CBN governor for long? Well, crypto transactions will still find its way. Iam wondering if this will affect grey or geegpay.

5 Likes

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by Ckonnet: 8:30am On Oct 14, 2022

That emefielfe might be the spanner in general Buhari govt.

Re: CBN Restricts Foreign Banks From ‘Banking Businesses’ by JAkpayen(m): 8:31am On Oct 14, 2022

IgiveLadiesBj:
No wonder Wise is stopping transactions to Nigeria.

Make 2023 reach make them just comot this Emefiele

This man has succeeded in blocking those who make legitimate money abroad from receiving into one's account. He is enriching his cronies in the banking sectors with all these monetary policies

I'm counting days for him to leave that seat which will definitely end next year 2023

10 Likes