The Publication of Debtors & Its Legality

The Central Bank of Nigeria is empowered by the various provisions of the CBN Act to regulate and supervise the activities of commercial banks in Nigeria. Section 44 (a) CBN Act 2007 provides that there shall be a Committee for the co-ordination and supervision of financial institutions in Nigeria. This provision has placed the direct supervision of banks and other financial institutions under the purview of the Central Bank of Nigeria.

The supervision of the banks is to promote and maintain adequate and reasonable financial service for the public; as well as ensure high standards of conduct and management throughout the banking system.

The powers of the Central Bank of Nigeria in regulating and supervising commercial banks seems unfettered as the Act provides an incidental clause to enable the Central Bank of Nigeria discharge its functions as prescribed according to law.

Nigeria tightens controls on foreign exchange

The Nigerian central bank has imposed new foreign exchange controls to try to stem the flow of dollars out of the country.

It means importers will not be able to get hard currency to buy a list of 40 items ranging from rice to cement.

The list includes Indian incense, plastic and rubber products, soap and even private jets.

It has also restricted access to the interbank currency market for the purchase of foreign currency bonds.