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The Central Bank of Nigeria has initiated measures to limit banking services for individuals and entities with significant loan defaults, aiming to promote credit discipline and uphold the country's financial integrity.
The UK's Financial Conduct Authority has unveiled new reporting regulations for cyber incidents and third-party disruptions, allowing companies a year to prepare for these updated requirements. The move aims to enhance the resilience of the financial sector against increasing cyber threats.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, emphasized that while digital cross-border payment systems have the potential to boost economic growth in developing countries, they must be strictly regulated to prevent financial instability and currency risks.
Nigerian banks are witnessing a worrying rise in bad debts, with several institutions surpassing the regulatory limit for non-performing loans. This trend prompts urgent action from financial institutions and regulatory bodies to avert a recurrence of past financial crises.
The Securities and Exchange Commission (SEC) has declared a hike in the minimum capital requirements for capital market operators to bolster market stability and safeguard investors.
