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BREAKING: CBN sets up 24-hour financial hub for capital and investments

By Editor on 14th Sep 2021

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Nigerian International Financial Centre (NIFC) a body that would act as an international gateway for capital and investments, would be fully operational in the country by turn of 2022, the Central Bank of Nigeria (CBN), said on Tuesday.

Godwin Emefiele, Governor of the apex bank, who revealed this plan at the opening of the 14th annual banking conference of the Chartered Institute of Bankers of Nigeria (CIBN), in Abuja, told participants that the centre would be driven by technology and payment system infrastructure.

Hear him: “Central Bank, will, in the next 12 months be establishing the Nigerian International Financial Centre (NIFC). The NIFC will act as an international gateway for Capital and investments, driven by technology and payment system infrastructure.”

Stressing that the body was designed to bring together local and foreign banks to create global champions, Emefiele, explained that the NIFC would be a 24-hour financial centre that would complement London, New York, and Singapore financial hubs, allowing Nigerian efforts like Infracorp Plc, a N15 trillion infrastructure fund that will be formed in October 2021, to accelerate.

The NIFC, he added would also complement other CBN efforts such as the Nigerian Commodity Exchange and the National Theatre’s creative hubs for Nigerian youths, as well as the e-Naira project, which will be launched in October 2021.

“The NIFC will take advantage of our existing laws such as the BOFIA 2020, NEPZA and other CBN regulations to create a fully global investment and financial hub where monies, ideas, and technology will move freely without hindrance,” he added.




Posted on September, 14 2021

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