fbpx
NEWSLETTERSPECIAL REPORTS

CBN Issues Operational Guidelines on Global Standard Instruction

CBN Secures Order To Freeze 84 Bank Accounts Belonging To 25 Individuals, Companies

The Bankers’ Committee at its meeting of February 18, 2020 approved the Go-Live on the Global Standing Instruction (GSI), which is aimed at:

  1. Facilitating an improved credit repayment culture;
  2. Reducing Non-Performing Loans in the Nigerian Banking System; and
  3. iii. Watch-listing consistent loan defaulters.

The Central Bank of Nigeria in collaboration with stakeholders has developed the necessary protocols to facilitate a seamless implementation of the GSI process, including eligible loans granted from August 28, 2019.

Accordingly, the following Guidelines to regulate the operations of the Global Standing Instruction is hereby issued for implementation by all banks and other financial institutions with effect from August 1, 2020.

Click to Download Global Standard Instruction

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.