CBN grants JP Morgan approval-in-principle for Nigeria merchant bank

The Central Bank of Nigeria has granted JP Morgan approval-in-principle to establish a merchant bank in Nigeria, focusing on wholesale banking, capital markets, and advisory services. This marks a notable foreign financial institution entry into Nigeria's banking sector, potentially signaling improved investor confidence in the country's financial system. The move is part of JP Morgan's broader expansion in Africa, though the timeline for full licensing and operational launch remains unclear.

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