Regulatory Alerts2021-10-13 | FPR/DIR/PUB/CIR/001/024Added · Updated
Guidelines on Disposal of Non-Permissible Income
The Central Bank of Nigeria (CBN) has issued guidelines for non-interest financial institutions (NIFIs) on the disposal of non-permissible income (NPI), which includes interest income and penalties for delayed payments. NPI must be placed in a dedicated account and disposed of promptly to charitable causes, without benefiting the NIFI or its stakeholders. The CBN requires NIFIs to comply with these guidelines to avoid sanctions.
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