Regulatory Alerts2008-12-22 | BSD/DO/CIR/GEN/VOL.2/012Returns on Interest Rates on Deposits and Loans
The Central Bank of Nigeria (CBN) has issued a circular to remind all banks of their obligation to submit returns on interest rates on deposits and loans to the CBN by the 5th day after the month-end, as well as publish this information on their website. If the 5th day falls on a weekend or public holiday, the submission should be done on the preceding working day. Noncompliance with this requirement will result in appropriate penalties.
09-46236403 09-46236418 December 15, 2008 BSD/DIR/CIR/GEN/VOL.02/018 CIRCULAR TO ALL BANKS RE: RETURNS ON INTEREST RATES ON DEPOSITS AND LOANS It has been observed that some banks do not submit the above named returns to the Central Bank of Nigeria (CBN) on time to enable it publish it in the Newspapers as earlier agreed with all stakeholders. We wish therefore to remind all banks to submit this information to the CBN on or before the 5th day after the month end to which it relates and to also publish same on their website.
Where the 5th day falls on a week-end or a public holiday, the returns should be submitted on the working day preceding the week-end or public holiday. Any bank that does not comply with this requirement shall be appropriately penalized D. A. N. Eke Ag. Director of Banking Supervision