2014-10-24 | BSD/DIR/GEN/LAB/07/036

Re:Transfer of All Non-proprietary Assets to Licensed Custodians

The Central Bank of Nigeria reminds banks and discount houses that failure to transfer non-proprietary assets to licensed custodians, as instructed in their March 11, 2014 circular, may result in severe consequences. These include losing money market dealerships, exclusion from liquidity ratio calculations, and sanctions in line with BOFIA regulations. Banks are urged to immediately comply and ensure ongoing compliance, acknowledging that late compliance will not exempt them from facing penalties for their period of non-compliance.

Nigeria

Central Bank of Nigeria

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