Garba Shehu,
Senior Special Assistant to the President on Media & Publicity on November 13, revealed that President Muhammadu Buhari had on Thursday, November 12, 2020 assented to the Banks and Other Financial Institutions(BOFI) Act 2020.
The BOFI Act 2020 is said to repeal the extant Banks and Other Financial Institutions Act of 1991 as amended. This monumental piece of legislation is expected to enhance the soundness and resilience of the financial system for sustainable growth and development of the Nigerian economy. It also updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades. It will increase the appetite of banks and other financial institutions to channel much needed credit to the real sector to support economic recovery and promote sustainable growth.
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