A more thorough explanation:

Nil is a word that comes from Latin and means "nothing" or "zero".

In finance, nil means "zero". For example, if you have no money in your bank account, your balance is nil.

Nil is also used in some legal terms. For instance, "nil dicit default judgment" means "he says nothing" and refers to a legal decision made when someone fails to respond to a lawsuit. Another example is "nil debet", which means "he owes nothing".

These examples illustrate how nil is used to indicate the absence of something, whether it's money in a bank account or a response to a legal claim.