Corporate LawWHY CBN’S DIRECTIVE TO FIs TO OBTAIN THE SOCIAL MEDIA HANDLE OF CUSTOMERS POTENTIALLY VIOLATES THE DATA PROTECTION ACT

On 31 May 2023, the Governor of the Central Bank of Nigeria (CBN) in exercising powers granted under the Banks and Other Financial Institutions Act 2020 (the Act) issued the Central Bank of Nigeria (Customer Due Diligence) Regulations 2023 (the CDD Regulations). One of the objectives of the Regulations is to

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