President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act (BOFIA) 2020 into law
This was disclosed on the President’s official twitter handle today. The new legislation which repealed the extant BOFIA 1991 as-amended, would strengthen confidence in the banking sector.
President Buhari stated as thus,”Yesterday, November 12, 2020, I assented to the Banks and Other Financial Institutions Act 2020, which repeals the extant Banks and Other Financial Institutions Act 1991 as-amended.
“The BOFI Act 2020 is a historic and significant achievement that will enhance the soundness and resilience of Nigeria’s financial system.
“It is also yet another indication of effective and productive collaboration between the executive and legislative arms of government.”