Row over CBN ‘Sharia’ clause in banking rule
Because of the the new guideline on Non-Interest Financial Institutions (NIFI) by the Central Bank of Nigeria (CBN) a big legal battle is going to take place.
The guideline was signed by the Acting Director, Financial Policy and Regulation Department of the apex bank, Chris.O. Chukwu and became operational on January 13, 2011. It introduced religion into Nigerian banking, although it was forbidden by the Banks and Other Financial Institutions Act 1991. Four Senior Advocates of Nigeria (SAN) have been engaged by some Nigerians to fight the new guideline at the Federal High Court, Abuja.