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The Bank Promissory Note is a crucial financial instrument in Nigerian banking practice, typically used when a bank needs to provide a formal, negotiable promise of payment to another party. It is commonly utilized in trade finance, interbank lending, corporate financing, and as security for large commercial transactions. The document must comply with the Nigerian Bills of Exchange Act, Banks and Other Financial Institutions Act (BOFIA) 2020, and Central Bank of Nigeria regulations. Bank Promissory Notes are particularly valuable in situations requiring a bank-backed payment commitment, whether for immediate or future payment, and can be either secured or unsecured depending on the transaction requirements. The instrument's formality and negotiability make it a preferred choice for high-value transactions in the Nigerian banking sector.

1. Bank Details: Full legal name and address of the issuing bank

2. Promise to Pay: Unconditional promise to pay a specified sum, including the words 'I/We promise to pay'

3. Payee Details: Full name and details of the party to whom or to whose order the payment is to be made

4. Sum of Money: The specific amount in both figures and words, clearly stated with currency

5. Payment Terms: Whether payable on demand or at a specific future time

6. Place of Payment: Specific location where the note is payable

7. Date of Issuance: Date when the promissory note is issued

8. Authorized Signatories: Signature section for authorized bank officials with their titles