BREAKING: CBN to establish Nigerian International Financial Centre

The Central Bank of Nigeria, CBN, plans to establish the Nigerian International Financial Centre, NIFC, in the next 12 months.

The Governor of the bank, Mr. Godwin Emefiele, announced this at the opening of the Chartered Institute of Bankers of Nigeria, CIBN, on Tuesday in Abuja.

He said, “To consolidate on the growth and resilience of Nigerian banks in the last decade, your excellency, your 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.

“This new financial hub, will curate local and international banks to make them global champions.

“The NIFC will be a 24/7 financial centre that will complement London, New York and Singapore financial centres.

“It will enable an acceleration of our home grown initiatives such as the Infracorp Plc, the N15 trillion infrastructure fund which we will be launching in October.

“The NIFC will also complement our initiatives on the Nigerian Commodity Exchange.”