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14 November 2020

Buhari signs Banks, other Financial Institutions Act 2020.

President Muhamadu Buhari has assented to Banks and Other Financial Institutions Act 2020.

In a statement by the Senior Special Assistant to the President, Garba Shehu, the Act would increase the appetite of banks and other financial institutions to channel much needed credit to the real sector to support economic recovery and promote sustainable growth.

It would also introduce a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system, which has been a key deterrent to lending by financial institutions.

According to the statement, the act would strengthen the regulatory and supervisory framework for the financial industry with additional tools for managing failing institutions and systemic distress to preserve financial stability amongst others.

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