The Central Bank of Nigeria has said it will sanction banks assisting the operations of unlicensed foreign firms.

It stated this in its ‘Guidelines for the regulation of representative offices of foreign banks in Nigeria’, signed by the Director, Financial Policy and Regulation Department, Muhammad Musa.

According to the guidelines, representative offices of foreign banks serve an important purpose of showcasing the brand and services of its parent company.

It could also stimulate foreign direct investment to the host country by connecting capital to various investment opportunities.