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CBN to establish Nigerian International Financial Centre to boost foreign investments

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CBN bets on $41.4bn foreign reserves for imports, foreign investments attraction

The Central Bank of Nigeria (CBN) has announced plans to set up the Nigerian International Financial Centre (NIFC) to act as a gateway for funds and investments into the country.

CBN governor, Godwin Emefiele revealed this today while speaking at the Chartered Institute of Bankers of Nigeria’s 14th annual banking and finance conference in Abuja.

Emefiele said the financial centre which will come to life in the next 12 months, will be driven by technology and payment system infrastructure.

According to him, the NIFC will act as an international gateway for Capital and investments, driven by technology and payment system infrastructure.

He said that the Nigerian International Financial Centre will bring together local and foreign banks to create global champions.

According to him, the NIFC would 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 formed in October 2021, to accelerate.

He added that the NIFC will 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,” Emefiele added.

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