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foreign banks' - ProbitasNews

CBN prohibits foreign banks’ rep offices from engaging in banking activities

According to the Central Bank of Nigeria (CBN), foreign banks’ representative offices in Nigeria are not permitted to engage in various financial-related services, including those classified as banking businesses in Nigeria. This was stated in a circular sent to all banks and Other Financial Institutions (OFIs) outlining the financial requirements for licensing representative offices, which include an N5 million non-refundable application fee and an N10 million non-refundable licensing fee. An approved representative office of a...