The Central Bank of Nigeria issued a circular and supervisory statements introducing new non-interest liquidity management instruments and setting time-bound transitional measures for a limited number of banks still operating under regulatory forbearance as the banking sector moves through its recapitalisation programme. The new non-interest market package comprises the Nigerian Non-Interest Financial Institutions' Master Repurchase Agreement to standardise Shariah-compliant repo transactions, the start of auctions for CBN Non-Interest Asset-Backed Securities, and the CBN Non-Interest Note. Eligible participants must integrate the instruments into their operations in line with existing rules, and the central bank stated that participants will not have access to its discount window on CBN Non-Interest Asset-Backed Securities and CBN Non-Interest Note auction days. For banks benefitting from forbearance on credit exposures or single obligor limits, the CBN directed a temporary suspension of dividend payments, deferral of bonuses to directors and senior management, and a pause on investments in foreign subsidiaries or new offshore ventures until forbearance is fully exited and capital adequacy and provisioning are independently verified as compliant. The central bank also refuted reports of an extension to Bureau De Change recapitalisation timelines, stating that the June 3, 2025 deadline remains in force, with minimum capital requirements of NGN 2 billion for Tier-1 and NGN 500 million for Tier-2 operators. Further supervisory guidance may be issued as needed.

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