The Central Bank of Nigeria has introduced guidelines on the management of investment account holders for Non- Interest Financial Institutions (NIFIs) in Nigeria.
The regulatory body said the objectives of the guidelines was to provide the minimum standard to be met by NIFIs operating in Nigeria before they could recognize Profit Sharing Investment Account Holders deposits as risk absorbent and deduct same from the computation of Risk Weighted Assets to enable them calculate the Capital Adequacy Ratio as specified in the guidance notes on regulatory of capital for NIFIs in Nigeria issued by the CBN.
It stated that the guidelines complemented the regulations for NIFIs in Nigeria issued by the CBN such as guidance notes on calculation of capital requirements for NIFIs; Guidelines on income soothing for NIFIs; and guidance notes on disclosure requirements to promote market discipline for NIFIs.
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