Regulatory Alerts2012-08-01 | FPR/PRD/CON/MDD/02/099Exposure Drafts of the Revised Code of Corporate Governance for Banks in Nigeria and the Guidelines for Whistle-Blowing in the Nigerian Banking Industry
The Central Bank of Nigeria (CBN) issued a circular on August 1, 2012, clarifying that Authorized Dealers are not allowed to access the WDAS window throughout the term of a Repurchase or Standing Lending Facility (SLF) transaction with the CBN, due to the prohibition of accessing both WDAS and SLF on the same day. Any dealers who had entered into these transactions prior to this circular will not be affected, and this rule takes immediate effect.
CENTRAL BANK OF NIGERIA Corporate Head Office, Central Business District, P.M.B. 0187, Garki, Abuja - F.C.T.
Website: www.cenbank.org Email: financialmarkets@cbn.gov.ng Tel: 09 462 36600, 0946236603 Ref: FMD/DIR/GEN/CIR/03/006 Date: August 1, 2012
Circular
REVIEW OF THE REVISED GUIDELINE FOR ACCESSING CBN LENDING WINDOW AND REPO TRANSACTIONS Our circulars dated October 10, 2011 and July 26, 2012 (Ref: TED/PFO/FPC/GEN/01/019 and BSD/DIR/GEN/LWR/05/047 refer.
Further to the prohibition of Authorised Dealers from accessing the WDAS and the Standing Lending Facility (SLF) on the same day, Authorised Dealers are henceforth NOT allowed to access the WDAS window throughout the term of a Repurchase or SLF transaction with the CBN.
However, Authorised Dealers that have entered into Repurchase or SLF transaction with the CBN prior to the issuance of this circular will not be affected as the transaction would be allowed to run its full course.
This circular takes immediate effect.
U. UK Director, Financial Markets Department