The Central Bank of Nigeria {CBN} on Tuesday released an exposure draft guidelines for change of operating licence for banks and Other Financial Institutions (OFIs).
This was due to increasing requests from financial institutions to either upgrade or convert to other licence regimes according to a circular signed by Chibuzo Efobi, director, financial policy and regulation department of the CBN.
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In a circular to all banks and OFIs, dated March 28, 2023, she said the draft guidelines aim to provide clarity for eligible financial institutions on regulatory requirements.
The CBN gave three weeks from the date of the circular for stakeholders to comment/make input, which could be addressed to the director of financial policy and regulation, CBN.
The draft guidelines prohibit eligible banks and OFIs applying for conversion or re-categorisation from expanding or reducing its current banking network.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
