In pursuant of promoting a sound financial system in Nigeria, The Central Bank of Nigeria launched the micro, small and medium enterprises development fund (MSMEDF) on August 15, 2013. This was in recognition of the significant contributions of the micro, small and medium enterprises (MSME) sub-sector to the economy. The broad objective of This fund is to channel low interest funds to the MSME sub-sector of the economy to enhance access by MSMEs to financial services, increase productivity and output of microenterprises, increase employment and create wealth and engender inclusive growth.

The Nigerian banking sector witnessed dramatic growth post consolidation (2005) and the developments posed a lot of challenges for the industry and for regulation. The initial perceptions that the Nigerian banking system was sound and insulated from global financial crisis were misplaced. The factors that led to the creation of an extremely fragile financial system that was tipped into crisis by the global financial meltdown include: Macro-economic instability caused by large and sudden capital outflows, Major failures in corporate governance at Banks, Lack of investor and consumer sophistication, Uneven supervision and enforcement. In order to address this challenges, Central Bank of Nigeria introduced a four-pillar reform programme towards enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution, and ensuring the financial sector contributes to the real economy. In this regard, the revised prudential guidelines aim to address various aspects of Banks’ operations, such as risk management, corporate governance, KYC and anti-money laundering/ counter financing of terrorism and loan loss provisioning. The guidelines also aim to address the peculiarities of different loan types and financing to different sectors.

Loans are an important source of financial relief for individuals and companies. They provide an alternative source of income that assists in meeting personal needs and achieving business expansion. This document educates financial consumers on the importance of loans, the types of loans (secured and unsecured loan), sources of loan, types of collateral, and eligibility for loans, repayment of loans, defaults and consequences. The revised Prudential Guidelines aim to address various aspects of banks’ operations, such as risk management, corporate governance, KYC and anti-money laundering/ counter financing of terrorism and loan loss provisioning. The guidelines also aim to address the peculiarities of different loan types and financing to different sectors.

In order to enhance the efficiency and cost-effectiveness of currency management, facilitate the generation of fit Naira banknotes for payment, promote the use of shared facilities to drive down currency management cost, engender healthy competition among service providers and ensure product quality, integrity and standardization in Nigeria, The Central Bank of Nigeria (CBN) mandates all companies, including deposit money banks, who are desirous of providing currency distribution and/or currency processing services in Nigeria, either for themselves or for other Deposit Money Bank(s) to register with The Central Bank of Nigeria. Therefore, this document provides information on the requirements for registration. It includes cash-in-transit operations, currency processing companies’ operations, registration of prospective companies and method of submission of application for registration.

This is an Act to repeal the electoral Act No. 2, 2006 and Independent National Electoral Commission Act, cap 15, laws of the Federation of Nigeria, 2004 and enacts the Electoral Act, 2010 to regulate the conduct of federal state and area council elections and for related matters.