CBN prohibits foreign banks’ rep offices from engaging in banking activities
2 years ago1074 min
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...