{"id":32324,"date":"2020-11-13T18:21:52","date_gmt":"2020-11-13T18:21:52","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=32324"},"modified":"2020-11-13T18:21:52","modified_gmt":"2020-11-13T18:21:52","slug":"buhari-signs-banks-other-financial-institutions-act-2020","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020","title":{"rendered":"Buhari signs Banks, Other Financial Institutions Act 2020"},"content":{"rendered":"<p>Africa Press-Nigeria<\/p>\n<p>President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law.<\/p>\n<p>The president, according to a statement issued on Friday by his Senior Special Assistant on Media and Publicity, Garba Shehu, signed the piece of legislation on Thursday.<\/p>\n<p>He said the new law repealed the extant Banks and Other Financial Institutions Act 1991 as amended.<\/p>\n<p>The presidential aide added that law was expected to enhance the effectiveness and resilience of the financial system for sustainable growth and development of the Nigerian economy.<\/p>\n<p>The statement read: \u201cThe BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades. It will 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.<\/p>\n<p>\u201cIn this respect, it introduces 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.<\/p>\n<p>\u201cFurthermore, it strengthens the regulatory and supervisory framework for the financial industry and provides additional tools for managing failing institutions and systemic distress to preserve financial stability amongst others. The\u00a0<a href=\"https:\/\/www.ripplesnigeria.com\/foreign-exchange-reserves-hit-12-week-low-of-35-63bn-cbn\/\">Central Bank of Nigeria<\/a>\u00a0will hold structured engagements with stakeholders across various sectors of the economy on critical aspects of the Act in the coming months.<\/p>\n<p>\u201cThis enactment of the BOFI Act 2020 is a historic and significant achievement, which is indicative of effective and productive collaboration between the Executive and Legislature arms of government.\u201d<\/p>\n<div class=\"abh_box abh_box_down abh_box_fancy\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Africa Press-Nigeria President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law. The president, according to a statement issued on Friday by his Senior Special Assistant on Media and Publicity, Garba Shehu, signed the piece of legislation on Thursday. He said the new law repealed the extant Banks and Other [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":31451,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,14],"tags":[97,1001],"class_list":["post-32324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-buhari","tag-federal-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buhari signs Banks, Other Financial Institutions Act 2020 - Nigeria<\/title>\n<meta name=\"description\" content=\"Africa Press-NigeriaPresident Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buhari signs Banks, Other Financial Institutions Act 2020\" \/>\n<meta property=\"og:description\" content=\"Africa Press-NigeriaPresident Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-13T18:21:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/10\/buhari-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"Buhari signs Banks, Other Financial Institutions Act 2020\",\"datePublished\":\"2020-11-13T18:21:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020\"},\"wordCount\":265,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/10\/buhari-1.jpg\",\"keywords\":[\"Buhari\",\"Federal Government\"],\"articleSection\":[\"all news\",\"head lines\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/buhari-signs-banks-other-financial-institutions-act-2020\",\"name\":\"Buhari signs Banks, Other Financial Institutions Act 2020 - 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