Nigeria

Currency: Naira (NGN)

Timezone: West Africa Time (UTC+1)

Nigeria is situated in West Africa where it shares its land border in the west with the Republic of Benin, in the east with Chad and Cameroon, and in the north with Niger—popularly referred to as the “Giant of Africa” due to its resources and population. The country is the most populous in Africa, with a population estimated to be over 207 million. The country has a very diverse ethnic group with over 100 languages. However, the major languages spoken in the country are Yoruba, Hausa, and Igbo, with English regarded as the official language in the country. The climate of the country varies widely with equatorial south, tropical in the middle, and arid in the north, while the landscape consists of southern lowlands, plateaus, and hills in the north and mountains in the southeast.

The country adopts a federal presidential republic system of government comprising 36 states and Abuja the Federal Capital. The economy is heavily reliant on Petroleum and Petroleum Products as its main source of foreign exchange earnings and accounts for over 70 percent of government revenue. The challenges facing the country include erratic power supply, lack of infrastructure, terrorist insurgence, kidnapping, banditry, clashes between farmers and herders, pervasive corruption, internet fraud, and police brutality.

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Guidelines on Large Exposures (LEX)

Central Bank of Nigeria, Nigeria

These guidelines align the supervisory practice in Nigeria based on the Basel Committee on Banking Supervision (BCBS) Standards on Large Exposures and ensure a more consistent supervisory for large exposures in Nigeria.

Nigeria • 2021 • Finance

Approved New Licence Categorization Requirements Consolidated, 2021

Central Bank of Nigeria, Nigeria

This document shows the various license categorisations for operators in the Nigerian Payment System. The four broad categories are Switching and Processing (PSSP), Mobile Money Operations (MMOs, Payment Solution Services (PSSs), and Regulatory Sandbox.

Nigeria • 2021 • Finance

National Gender Policy

Ministry of Women Affairs and Social Development, Nigeria

This national policy outlines the government’s plan for gender equality, good governance, accountability, and support for the needs of its vulnerable groups in Nigeria. The overarching goal is “to build a just society devoid of...

Nigeria • 2021 • Gender and Human Rights

Regulatory Framework for Mobile Money Services in Nigeria

Central Bank of Nigeria, Nigeria

This regulatory framework by the CBN specifies the guidelines for addressing businesses operating mobile money services in Nigeria. The framework covers what constitutes money services and solutions in Nigeria. It also clearly delineates the roles...

Nigeria • 2021 • Finance

Framework for Quick Response (QR) Code Payments in Nigeria

Central Bank of Nigeria, Nigeria

This guide states the regulatory guidance for the operation of QR Code payment services in Nigeria. The objective is to guarantee the implementation of the appropriate QR code standards for safe and effective payment services...

Nigeria • 2021 • Finance

Framework for Regulatory Sandbox Operations

Central Bank of Nigeria, Nigeria

This policy document specifies the CBN’s monetary, credit, foreign trade and exchange policy guidelines for the 2012/2013 fiscal year. The policies were designed to align with the Federal Government’s Medium-Term Expenditure Framework (MTEF).

Nigeria • 2021 • Finance

Regulatory Framework for Non-Bank Acquiring in Nigeria

Central Bank of Nigeria, Nigeria

The purpose of this framework is to clarify Non-Bank Acquiring as a regulated service in Nigeria and to establish the minimum standards and requirements for the operations of Non-Bank Acquiring in Nigeria.

Nigeria • 2021 • Finance

Guidelines on Operations of Electronic Payment Channels in Nigeria

Central Bank of Nigeria, Nigeria

These guidelines update the 2016 Guidelines on Operations of Electronic Payment Channels in Nigeria. It covers electronic payments such as standards on ATM technology and specification and point-of-sale card technology.

Nigeria • 2021 • Finance

Supervisory Framework for Payment Service Banks

Central Bank of Nigeria, Nigeria

This framework states the regulations for the operations of Payment Service Banks. The objective of the guide is to ensure transparency in their operations as well as ensuring adequate customer protection. The framework emphasizes corporate...

Nigeria • 2021 • Finance

Guidelines on Regulatory Capital

Central Bank of Nigeria, Nigeria

These guidelines on regulatory capital outline the criteria that banks’ capital instruments must satisfy based on the Basel III standards. It also provides the requirements for banks operating in Nigeria in relation to minimum regulatory...

Nigeria • 2021 • Finance

Guidelines on Leverage Ratio (LeR)

Central Bank of Nigeria, Nigeria

These guidelines specify the Central Bank of Nigeria (CBN) requirements for the Leverage Ratio (LeR) and the public disclosure procedures for all licensed commercial, merchant, and non-interest banks in Nigeria.

Nigeria • 2021 • Finance

Guidelines on Liquidity Coverage Ratio (LCR)

Central Bank of Nigeria

These Guidelines aim to set out the minimum requirements for Liquidity Coverage Ratio (LCR) for reporting institutions in the Nigerian banking sector. The LCR aims to improve the short-term resilience of the liquidity risk profile...

Nigeria • 2021 • Finance

National Environmental (Air Quality Control) Regulations, S. I. No. 88, 2021 (Amended)

National Environmental Standards and Regulations Enforcement Agency, Nigeria

These Guidelines aim to set out the minimum requirements for Liquidity Coverage Ratio (LCR) for reporting institutions in the Nigerian banking sector. The LCR aims to improve the short-term resilience of the liquidity risk profile...

Nigeria • 2021 • Environment and Climate Change

National Environmental (Healthcare Waste Control) Regulations, B2565-2592, 2021

National Environmental Standards and Regulations Enforcement Agency, Nigeria

These Guidelines aim to set out the minimum requirements for Liquidity Coverage Ratio (LCR) for reporting institutions in the Nigerian banking sector. The LCR aims to improve the short-term resilience of the liquidity risk profile...

Nigeria • 2021 • Environment and Climate Change

Revised National Digital Identity Policy on Sim 2021

National Information Technology Development Agency, Nigeria

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

Standards and Guidelines for Government Websites V3

National Information Technology Development Agency, Nigeria

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

National Policy on Fifth Generation (5G) Networks for Nigeria’s Digital Economy

Nigeria, Nigeria Communications Satelite LTD

The Revised National Digital Identity Policy for SIM Card Registration was developed under the authority of the Honourable Minister of Communications and Digital Economy, in line with sections of the Nigerian Communications Act (NCA) 2003....

Nigeria • 2021 • Information, Communication and Technology

June 9, 2022

Political Parties, Presidential Candidates and the Electoral Act 2022 

The Electoral Act 2022 seeks to update and standardize Nigeria’s elections. The introduction of technological changes such as an electronic database of registered voters and an electronic transmission system of votes is a welcome improvement. Restricting political appointees' involvement in the election process is also a step in the right direction. However, there is a fundamental issue with the new act — its endorsement of the indirect primary process.

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