Pursuant to the role of the Central Bank of Nigeria (CBN) for the promotion of a sound financial system, CBN issued the Guidelines on Global Standing Instruction (GSI) for Individuals in July 2020. These guidelines seek to reduce the non-performing loan rates and ensure that funds of loan defaulters are transferrable from individual accounts to the Creditor Bank for the repayment of loans. In this publication, our Diran Falore, Ifeoma Solanke, and Chizoba Anyaeji have analyzed the effect and functionality of the GSI Guidelines. We have also examined the legality of the guidelines vis-à-vis constitutional provisions.

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REVIEW OF THE CENTRAL BANK OF NIGERIA GUIDELINES ON GLOBAL STANDING INSTRUCTION (GSI) FOR INDIVIDUALS

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