Regulatory Alerts2019-07-10 | FMD/DIR/CON/OGC/12/019Guidelines on Accessing the CBN Standing Deposit Facility
The Central Bank of Nigeria has issued a circular to all banks regarding guidelines for accessing the CBN Standing Deposit Facility. Effective July 11, 2019, banks' daily placements at the SDF are limited to N2 billion, which will be remunerated at the Monetary Policy Committee's prescribed interest rate. Deposits exceeding this amount will not be remunerated.
CENTRAL BANK OF NIGERIA Corporate Head Office, Central Business District, P.M.B. 0187, Garki, Abuja - F.C.T.
Website: www.cbn.gov.ng Email: financialmarkets@cbn.gov.ng Tel: 09 462 36700, 09 462 36703 FMD/DIR/CON/OGC/12/019 July 10, 2019 CIRCULAR TO ALL BANKS RE: GUIDELINES ON ACCESSING THE CBN STANDING DEPOSIT FACILITY With reference to the Circular to all Banks and Discounts Houses, Re: Guidelines on Accessing the CBN Standing Deposit Facility, Ref: FMD/DIR/GEN/CIR/05/020 and dated November 6, 2014, after further review:
- The remunerable daily placements by banks at the SDF shall not exceed N2billion 2. The SDF deposit of N2 billion shall be remunerated at the interest rate prescribed by the Monetary Policy Committee from time to time 3. Any deposit by a bank in excess of N2 billion shall not be remunerated.
The provisions of this circular take effect from Thursday, July 11, 2019.
Thank you.
Angela Sere-Ejembi (Ph.D) Director, Financial Markets Department