The licensing of non-interest banks (NIBs) and non-interest banking windows (NIBWs) of deposit money banks (DMBs) by the Central Bank of Nigeria (CBN) necessitated the formulation of non-interest financial instruments to complement those in the conventional banking system. Thus in December 2012 and August 2017, the CBN issued circulars:
- Guidelines for the Operation of Non-Interest Financial Instruments by the Central Bank of Nigeria; and
- Introduction of Two New Instruments — “Funding for Liquidity Facility” and “Intra-Day Facility” for Non-Interest Banks
In view of contemporary developments and policy review, a revised guideline is hereby attached: “Revised Guidelines for the Operation of Non-Interest Financial Institutions’ Instruments by the
Central Bank of Nigeria, 2022,” to replace the above stated Circulars and Guidelines, henceforth.
Consequently, all non-interest banks and other relevant stakeholders are required to note and comply accordingly.