President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020.

The Senior Special Assistant to the President, Garba Shehu, said in a statement issued on behalf of his principal on Friday,that the piece of legislation is expected to enhance the soundness and resilience of the financial system for sustainable growth and development of the Nigerian economy .

The Act was passed by the Senate in July 2020. It was sponsored by Shehu Sani, the Senator who represented Kaduna Central at the upper law-making body then. Betty Apiafi (Rivers West) was the co-sponsor.

It regulates the banking and businesses of other financial organizations by stopping them from carrying on such businesses in the country except they are a licensed company and incorporated in Nigeria.