Finance Regulatory Updates (December 2024)

In this edition, we discuss important updates issued by key regulators in the financial services sector.

This month, the Central Bank of Nigeria (the “CBN”) and the Securities and Exchange Commission (the “SEC”) issued several guidelines and market updates.

We take a cursory look at the key points from these regulations and their impact on the relevant stakeholders.

CBN REGULATORY UPDATES

Circular on Over-the-Counter Cash Availability

In light of the festive celebrations, the CBN issued several circulars between November and December 2024 to address public concerns regarding cash availability nationwide, and ensuring efficient and optimal currency circulation.

Effective 1 December 2024, Deposit Money Banks are to ensure and implement efficient cash disbursement practices to all customers, whether over-the-counter, or through automated teller machines.