A core mandate of the Central Bank of Nigeria as enshrined in the CBN Act of 2007 is to "promote a sound financial system". An important prerequisite to achieving this objective is through issuance of policies that would engender public confidence in the financial system. In furtherance of this mandate, it has become necessary for the bank to develop and implement an effective Consumer Protection Framework that would guarantee standards or customer service, market discipline and ensure that consumers are treated fairly by financial institutions.
NOTICE IS HEREBY GIVEN THAT, the effective date of Article 23 of the "Amendments to the Listings Rules of The Exchange", titled "Request for Suspension at the Instance of the Issuer", has been deferred. Article 23 will not become effective on 1 November 2014 as previously announced.
Nigeria has been developing at a measured pace over the past decade, relative to the gaps in new areas of the economy and the infrastructural needs. Yet, it remains one of the leading economies in SSA and indeed the world on account of its GDP size, and with this comes the responsibility to build a strong financial system.
On Monday, 23 June 2014, The Nigerian Stock Exchange (The Exchange) published a notice of its intention to delist 24 listed companies from the Daily Official List arising from their non-compliance with provisions of the Listings Rules of The Exchange and pursuant to Clause 15 of the General Undertaking.
Provisional data indicated that growth in key monetary aggregate was sluggish in the second quarter of 2014. Over the level at the end of the preceding quarter, broad money supply, (M2), grew by 1.5 per cent, compared with 0.2 per cent at the end of the preceding quarter. The development reflected, largely, the 1.1 and 4.5 per cent increase in foreign assets (net) and other assets (net) of the banking system, respectively, during the review quarter.
Further to the recent guideline on the International Money transfer services referenced TED/FEM/FPC/GEN/01/016 dated September 26, 2014, particularly Paragraph 3.6.1, Authorised Dealers and members of the General Public are hereby notified that the threshold of $2,000.00 per transaction has been reviewed upward.
The International Organization of Securities Commissions (IOSCO) today published a consultation report on Principles regarding the Custody of Collective Investment Schemes’ Assets. The report is aimed at gathering the views of investment managers, custodians, institutional investors and other interested parties on the development of a set of principles for the custody of Collective Investment Schemes’ (CIS) Assets.
It has come to IOSCOs attention that two charts published in its Securities Market Risk Outlook 2014-15 have raised concerns regarding the accuracy of the underlying data on which the charts are based. The Risk Outlook was issued on 1 October 2014.