Nigeria News

Bridge banks to get N10b lifeline under BOFIA 2020

November 17, 2020

By Collins Nweze

The Banks and Other Financial Institutions Act (BOFIA) 2020 has made provisions for the Federal Government to operate a bridge bank fund to strengthen struggling lenders back to health.

back link building services=0></a></div><p>Part of the BOFIA says the Central Bank of Nigeria (CBN) will inject N10 billion ($26 million), or an amount that still needs to be determined by its board, into the so-called resolution fund every year, according to amended banking laws signed by President Muhammadu Buhari.</p><p>Each lender will make annual contribution equivalent to 10 basis points of their total assets, or a percentage that the Abuja-based regulator still has to approve.</p><div class='code-block code-block-5' style='margin: 8px 0; clear: both;'> <a href=https://www.adhang.com/guest-posting-services/ ><img class=lazy src=

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