2014-03-18 | BSD/DIR/GEN/LAB/07/008

Transfer of all Non-Proprietary Assets to Licensed Custodians

The Central Bank of Nigeria has directed all Deposit Money Banks and Discount Houses to appoint a licensed custodian by March 31, 2014, and transfer all non-proprietary financial assets, such as Treasury Bills and Bonds, to the appointed custodian by April 30, 2014. Clients/customers must be notified of their new custodian before this deadline. Failure to comply will result in infractions with possible consequences like loss of money market dealership and exclusion from the Liquidity Ratio calculation for 50% of a bank's financial assets portfolio.

Nigeria

Central Bank of Nigeria

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