Regulatory Alerts2015-11-13 | OFI/DIR/GEN/CIR/05/573Implementation of the Treasury Single Account for FGN/MDAs Deposit Balances
The Central Bank of Nigeria issued a circular on November 12, 2015, instructing all primary mortgage banks and development finance institutions to transfer the FGN/MDAs' deposit balances to the Central Bank. The deadline for compliance was September 15, 2015, and institutions that failed to do so would face severe penalties. This directive was addressed to the leadership and top management of these financial institutions, emphasizing the urgency and importance of implementing the Treasury Single Account policy.
Central Bank Of Nigeria
CBN website: www.cbn.gov.ng Ref: OFI/DIR/GEN/CIR/05/573 12th November, 2015
Circular
TO ALL CHAIRMEN, NON-EXECUTIVE DIRECTORS, MANAGING DIRECTORS, TOP MANAGEMENT STAFF, ALL OPERATORS AND EXTERNAL AUDITORS OF PRIMARY MORTGAGE BANKS AND DEVELOPMENT FINANCE INSTITUTIONS
Implementation Of The Treasury Single Account For Fgn/Mdas' Deposit Balances
Following the directive given by the Federal Government that all banks (including PMBs and DFIs) should transfer to the Central Bank of Nigeria all FGN/MDAs' deposit balances by 15th September, 2015, PMBs and DFIs were expected to have complied with the set deadline.
In the event that your institutions are still holding on to such deposits, you are required to immediately (from the date of this circular) transfer the balances to the Central Bank of Nigeria failing which severe penalties would be imposed for noncompliance.
Ahmad Abdullahi
Director, Other Financial Institutions Supervision Department Central Bank of Nigeria, Abuja l