Joseph Onele, Legal Practitioner, Olaniwun Ajayi LP in his article “Central Bank of Nigeria 2016 Guidelines for Banking Operations in The Free Zones: Need for Caution”, analyses the CBN Guidelines vis-à-vis the provisions of the Bank and Other Financial Institutions Act (BOFIA), and the Nigeria Export Processing Zones Act. Would branches of a bank with valid banking license be able to operate in the free trade zones or would an existing branch of a bank have to become a subsidiary of the parent bank to be able to operate? Can the CBN by its Guidelines extend the frontiers of BOFIA? Onele in his usual inimitable style considers all sides of the argument and urges a need for caution.