BOFID

AcronymDefinition
BOFIDBanks and Other Financial Institutions Decree (Nigeria)
References in periodicals archive ?
According to the CBN officials, the two banks were suspended because of the "persistent and flagrant violations of the provisions of the Banks and Other Financial Institutions Decree (Bofid) No 25 of 1991 and the rules, regulations and directives made by the CBN pursuant thereto, especially the infractions on the rules for the smooth operations of the clearing system".
Intercontinental Merchant Bank Managing Director Erastus Akingbola, for instance, argues that if the CBN had taken action to rectify the situation when the signs of failure were first noticed two years ago, the banks could have been saved either through outright sale or by taking up any of the options provided by Bofid.
5bn suit to contest its liquidation, pleading that the actions taken by the CBN and the NDIC contravened the Banks and Other Financial Institutions Decree (Bofid) No 25 of 1991 (see article on page 31).