President Muhammadu Buhari has signed the Banks and Other Financial Institutions (BOFI) Act 2020 into law.
This was made known in a statement made available to newsmen on Friday by his Senior Special Assistant on Media and Publicity, Garba Shehu.
According to the presidential spokesperson, President Buhari gave assent to the act on Thursday.
According to the Shehu, the act “is expected to enhance the soundness and resilience of the financial system for sustainable growth and development of the Nigerian economy.”
The Act was reportedly passed by the Senate in July 2020.
It was sponsored by a former lawmaker, Senator Shehu Sani, the Senator who represented Kaduna Central at the upper law-making body then. Betty Apiafi (Rivers West) was the co-sponsor.
It regulates the banking and businesses of other financial organizations by stopping them from carrying on such businesses in the country except they are a licensed company and incorporated in Nigeria.
Under the Act, the Governor of the Central Bank of Nigeria (CBN) can impose and review penalties on infractions in the banking sector up to the tune of N100 million.