Regulatory Alerts2022-06-09 | FMD/DIR/PUB/GUI/001/002Revised Guidelines for the Operation of Non-Interest Financial Institutions' Instruments by the Central Bank of Nigeria,2022
The Central Bank of Nigeria (CBN) has issued revised guidelines for the operation of non-interest financial institutions' instruments, effective June 2022. These guidelines aim to complement the existing conventional banking system and expand the scope of banking services and financial inclusion in Nigeria. The CBN offers various non-interest-bearing instruments, including liquidity management and lender of last resort instruments, to authorized financial institutions. The general requirements and terms of operations for these instruments are outlined, emphasizing voluntary participation and eligibility criteria. The CBN also introduces a sixth instrument, the CBN Non-Interest Special Bills, which is an interest-free loan drawn from the Cash Reserve Requirement account.