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  • Business - Economy
  • Updated: 1 week ago

CBN To Establish Nigeria International Financial Centre To Lure Investors

CBN To Establish Nigeria International Financial Centre To L

Godwin Emefiele

The Central Bank of Nigeria (CBN) has said it will soon establish the Nigerian International Financial Centre (NIFC) to serve as a gateway for capital and investments for Nigeria.

According to the apex bank, the centre will be driven by technology and payment system infrastructure.

Governor Godwin Emefiele, the CBN governor made the announcement Tuesday while speaking at the Chartered Institute of Bankers of Nigeria’s 14th annual banking and finance conference in Abuja.

“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,” the CBN governor said.

According to Emefiele, the NIFC, when operational, will be a 24-hour financial centre that will complement London, New York, and Singapore financial hubs, allowing Nigerian efforts like Infracorp Plc, a N15 trillion infrastructure fund that will be launched in October 2021, to accelerate.

He said the NIFC would 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.

He also said the new financial hub would bring together local and foreign banks to create global champions.

“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 a financial hub where monies, ideas, and technology will move freely without hindrance,” Emefiele added.

Central Bank of Nigeria EXCHANGE RATE
Currencies Buy Rates Sell Rates Buy Change % Sell Change Action
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
USD/NGN 360.00 361.00 -18.18 -19.78 Buy/Sell
USD/NGN 360.00 361.00 0.00 0.00 Buy/Sell
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