Lagos — With huge percentage of the unbanked populace in the country due to religion belief, the Central Bank of Nigeria (CBN) has continued to drive financial inclusion in various ways, by reviewing its guild lines on Islamic Banking (non-interest Banking).
Specifically, the CBN in August set up two new financial instruments namely, "Funding for liquidity Facility (FflF)" and "Intra-day Facility (IDF)" to provide liquidity management for non-interest banks. The two new financial instruments were also designed to help foster growth in emerging Islamic finance industry.
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