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NIFIs: CBN asks for public inputs to new financial document

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Business Metrics introduces forum to bridge Nigeria’s policy implementation gaps

NIFIs: CBN asks for public inputs to new financial document


 

The Central Bank of Nigeria (CBN) has called for public observations, comments and contributions to the reviewed guidelines for the operation of Non-Interest Financial Institutions (NIFIs) instruments in Nigeria.

In the draft document, released on its official website on Friday, the CBN sets Friday, January 8, 2021 as the deadline for public inputs to the development the new guidelines for the operations of the NIFIs in the country.

Angela Sere-Ejembi, director, financial markets department, CBN, explained that the licensing of NIFIs by the CBN necessitated the creation of NIFI instruments to complement those in the conventional banking system.

She recalled that in December 2012, the apex bank introduced the guidelines for three liquidity management instruments.

“In addition, the CBN introduced guidelines for two lender of the last resort instruments in August 2017.

“As participation by NIFIs in the instruments increased, the need to review the guidelines to make them more effective in addressing contemporary developments in the industry.

“Furthermore, during the review, the two guidelines – liquidity management and lender of last resort instruments – were merged into a single document,” she said.

“Accordingly, the CBN hereby issues the attached draft of the reviewed “Guidelines for the Operation of Non-Interest Financial Institutions’ Instruments by the Central Bank of Nigeria” for stakeholders’ observations and comments,” Sere-Ejembi also explained.

The CBN further requested that contributions by the public be sent to a designated email: FMD_SlPO@cbb.gov.ng

While the exposure draft may be downloaded from the CBN website (www.cbn.gov.ng.) Business Metrics has attached same for convenience here.

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