Regulatory Alerts2024-08-26 | FMD/DIR/PUB/CIR/001/016CIRCULAR TO AUTHORISED DEALERS: The Standing Lending Facility to be at 31.75 Percent as Approved at the 296th Meeting of the Monetary Policy Committee (MPC)
The Central Bank of Nigeria has announced that the upper limit of the Standing Lending Facility will be set at 31.75%. Authorised dealers can access the SLF at this rate, while they are also permitted to use the Interbank Lending Facility without cost if repaid on the same day to avoid gridlock in the system. The 5% penalty for not settling ILF within a day will be enforced by converting it to an SLF at 36.75%. Collateral execution, as stated in the approved repo guidelines, has also been reintroduced. This circular takes immediate effect and was signed by Director, Financial Markets Department, Omolara O. Duke (Ph.D.).