2009-04-08 | BSD/DIR/GEN/CIR/03/003

Sanctions for the Violation of the Decision on Maximum Deposit Rate, Lending Rate and Other Charges.

The Central Bank of Nigeria (CBN) has issued a circular to all banks, announcing sanctions for violating the maximum deposit and lending rates set by the Bankers' Committee. Banks found guilty of offering deposit rates higher than 15% or similar violations will face fines ranging from N50 million for first-time offenders to potential suspension of their managing directors if they breach the rules a third time. These sanctions, which include banning access to RDAS and Class 'A' Bureau de Change windows, come into immediate effect.

Nigeria

Central Bank of Nigeria

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