The Central Bank of Nigeria, CBN, has granted JP Morgan approval-in-principle to establish a merchant bank in Nigeria after receiving a deposit of $38 million.

CBN made this disclosure in a statement on Friday.

The apex bank said the proposed lender, to be known as JPMorgan Merchant Bank Nigeria Limited, will be required to obtain a final banking licence before commencing operations.

Recall that Three days ago CEOAFRICA reported that JP Morgan made a $38 million deposit to CBN for its banking licence.