Regulatory Alerts2008-04-30 | TED-FEM-FPC-GEN-01-043-08HARMONISATION OF CLEARING CYCLE TO THREE WORKING DAYS
The Central Bank of Nigeria, in collaboration with stakeholders, has approved harmonizing up-country and local clearing cycles to a three-day working period, effective from May 5th. This initiative is expected to benefit the banking sector by streamlining business processes and reducing waiting times for value receipt on instruments lodged at banks. Banks are requested to cooperate with the monetary authorities in implementing this change successfully, as done before.
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