Fidelity Financial Review & Guidance
Overview
Operating Environment Financial Review Guidance
Key regulatory and policy changes
Q1
MPR retained at 11.5% and the asymmetric corridor
remain unchanged at +100/-700bps.
✰ CBN issued regulatory framework for Open Banking
The Finance Act 2020 took effect from 1st Jan 2021.
✰ CBN extends regulatory forbearance for restructured
loans impacted by Covid-19 by another 12 months.
CBN introduced Naira-for-Dollar Scheme, a N5 per
USD incentive to retail beneficiaries of international
money transfers through only the IMTOS.
Q2
NNPC to revoke the licences of non-operating
modular refineries and issue new licences to
investors
CBN extends the deadline for Naira-4-Dollar
Scheme until further notice.
CBN releases the requirement for Switching &
Processing and Mobil Money Licences with the
minimum required equity pegged at N2bn.
❖ Senate passed the Petroleum Industry Bill (PIB)
Q3
CBN halted FX sale and issuance of new licenses
to Bureau De Change (BDC) operators, directs
DMBS to sell FX directly to customers.
The President signs the Petroleum Industry Bill (PIB)
into law.
✰ FG issued $4 billion Senior Unsecured Notes across
3 maturities, attracting over $12.2 billion in total
order book.
CBN directs banks to publish the details of
customers involved in fraudulent FX practices.
Q4
CBN launched E-naira: N500m minted and 33 banks
have been fully integrated on the platform.
CBN grants MTN and Airtel approval in principle to
operate a Payment Service Bank (PSB).
Nigerian Banks commence the rendition of Basel III
returns under the parallel implementation guideline
(Basel II & III) as required by the CBN.
◆ The World Bank revised Nigeria's GDP growth rate
for 2021 from 1.8% to 2.4%.
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