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The CBN FX Code: Moving From Rules to Principles
October 22, 2024The introduction of the draft CBN FX Code marks a significant milestone in Nigeria’s foreign exchange market regulation as it signifies a shift away from a regulatory approach that is largely rules-based toward a more dynamic, principles-based regulatory approach. Effectively, the Central Bank of Nigeria now employs a hybrid regulatory approach, in the foreign exchange market, utilising extensive principles-based and rules-based frameworks. By adopting a hybrid model, the CBN is signalling its intention to deepen regulatory scrutiny in the Nigerian foreign exchange markets, which has been long-plagued by sharp practices. What is a principles-based regulatory approach and how does this approach impact the regulatory environment for Nigerian banks, fintechs and other financial institutions?
Regulating Online Trust & Safety in Nigeria: An Overview
October 22, 2024In Nigeria, the regulatory landscape surrounding online trust and safety is anchored primarily in the Code of Practice for Interactive Computer Service Platforms & Internet Intermediaries (the “Code”). This framework defines the rules that digital platforms must follow, with...
How VCs Support Start-Ups Post-Investment
October 12, 2024It’s often overlooked but venture capital is more than just a financial investment—it’s a partnership that fuels growth. Beyond the cash infusion, VCs provide critical post-investment management support to help startups achieve critical product and revenue milestones. So, what should...
The CBN FX Code: Key Principles
October 10, 2024The FX Code, issued by the Central Bank of Nigeria (CBN) in October 2024, establishes a set of principles designed to promote a robust, fair, and transparent foreign exchange market. The FX Code seeks to enhance the integrity and efficiency of the Nigerian wholesale foreign exchange market. Based on global best practices, the FX Code applies to all market participants, including banks and financial institutions licensed by the CBN to engage in foreign exchange activities
Intermediary Liability: Legal Considerations for Tech Platforms
September 30, 2024Intermediary liability refers to the legal responsibility of technology platforms for the content posted by their users. In Nigeria, this issue has gained increasing relevance with the rise of social media use, online defamation claims and legislative interest in regulating online harms caused by social media users. One of the key areas of concern is intermediary liability – the responsibility of platforms for user-generated content. Although still evolving, Nigeria’s legal framework on this issue differs significantly from countries like the U.S., making it important for technology platforms to be aware of potential legal risks
Software as a Service in Nigeria: Some Commercial Issues
September 25, 2024When global companies sell Software as a Service (SaaS) in Nigeria, they face several commercial issues due to the unique legal, economic, and business environment in the country. These challenges range from regulatory compliance to payment barriers, data protection, and infrastructure limitations. We highlight some of these key commercial issues below.
Cape Town Convention Practice Directions
September 23, 2024Nigeria’s recent classification by the Aviation Working Group (AWG) ranks at a medium level, two tiers below the high and very high categories. In this update, we explore the key factors behind Nigeria’s medium-level ranking and outline the essential milestones needed to achieve a higher-level classification.
A Primer on Construction Financing in Nigeria
September 7, 2024Construction financing refers to a short-term loan specifically used to fund the construction of a building or other real estate project. For real estate developers in Nigeria, this financing is essential during the construction phase when the project generates little or no income but requires significant capital to cover costs like land acquisition, materials, labor, permits, and other expenses.
Central Bank Immunity and Fundamental Human Rights: Matters Arising
September 3, 2024A recent court decision, Chris vs. CBN, raises important questions regarding the doctrine of central bank immunity in Nigeria. In this case, the Court upheld a new central banking regulation (“Regulation 6a”) that requires Nigerian banks to collect customers' social media account details as part of standard Know Your Customer (KYC) procedures. The Court based its decision on the fact that Regulation 6a was issued in good faith.
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