Digital Banking and Financial Performance Review
Regulatory Overview - 2022
■ CBN introduces an e-Valuator and
e-Invoice as part of the documentation
required for import
transactions.
CBN issues
and
export
updated operating
guidelines for RT200 Non-Oil Export
Proceeds Repatriation Rebate Scheme.
The RT200 (Race to US$200 billion in FX
Repatriation) programme aims to
stabilize sustainable FX inflows from
non-oil exports.
■ CBN extends the 9.0% per annum
interest rate on all intervention facilities
for one year. The forbearance applies to
credit facilities impacted by Covid-19.
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The Monetary Policy Committee (MPC)
raised the benchmark rate, on a
cumulative basis starting July 2022, by
500 basis points to 16.5 percent by
November 2022 to curb inflationary
pressures. The baseline rate has been
raised twice by 250 basis points in 2023
and currently stands at 18%.
CBN introduced Naira Redesign Policy
(N200, N500, and N1000 notes) and
revised cash withdrawal limits. The old
and new notes serve as legal tender till
December 2023.
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SEC mandates all CMOS to screen and
verify all clients against proscribed
groups and sanctions lists before
onboarding and filing STRS to the NFIU.
SEC issues new rules on issuance,
offering platforms and custody of digital
assets.
■ The Commission introduces processing
fees for fairness of mergers and
acquisitions or other forms of corporate
restructuring.
SEC reviews annual renewal fees for
CMOS downward from 25% to 5%,
payable annually not later than January
31st.
CURITIES AND EXCHANGE COMMISSION N
■ SEC introduces regulatory fees on Fixed
Income (bonds) secondary market
transactions.
■ PenCom publishes the status of
implementation of the contributory pension
scheme by the 36 states of the Federation
and the FCT.
■ PenCom issues circular on procedures for
the processing of temporary access from
Retirement Savings Accounts for employees
of Federal Government Treasury Funded
Ministry, Department & Agencies, which
allows these set of employees to access 25%
of their contributions pending verification
and enrollment.
■ PenCom issues revised regulations on the
administration of Retirement and Terminal
benefits.
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