It was soothing news for the monetary policy team yesterday, as the Senate finally passed the bill to repeal the Banks and Other Financial Institutions Act (BOFIA) CAP B3 Laws of the Federation of Nigeria 2004 to pave the way for re-enactment of Banks and Other Financial Institutions Act (BOFIA) CAP B3 Laws of the Federation of Nigeria 2004 (Amendment) Bill, 2020
The passage, on Wednesday after a clause by clause consideration by the lawmakers, was sequel to the public hearing by the Committee on Banking, Insurance and Other Financial Institutions to consider the opinions of stakeholders in the industry such as the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, Body of Bank CEOs and the Nigeria Deposit Insurance Company (NDIC).
Others at the hearing were the Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), the Chartered Institute of Bankers of Nigeria (CIBN), Nigeria Labour Congress (NLC), Financial Correspondents Association of…
Source: Guardian Newspaper
