BY FRANCIS KADIRI
The Central Bank of Nigeria, CBN, has issued its guidelines on the disposal of Non-Permissible Income for Non-Interest Financial Institutions, NIFI.
In a statement signed by the Director, Financial Policy and Regulation Department of the CBN, Chibuzo Efobi, the guidelines were issued as part of efforts to standardise the treatment and disposal of NPI by NIFI in the country.
He said NPI shall be put in a dedicated account and shall not be mingled with the funds of non-interest banks.
Non-permissible income is any income that accrues to non-interest finance institutions, such as interest income, penalties for delayed payment of debt obligations, or any income declared by the ace of the institution.
