2012-07-05 | CFP/DIR/GDL/01/018

Exposure Draft of the Guide to Bank Charges

The Trade & Exchange Department informs authorized dealers that as of July 9th, 2012, funds obtained from the CBN's WDAS must be utilized within two working days. Failing compliance, penalties include refunding the amount with a 5% interest (LIBOR+5%), payment of a monetary fine per BOFIA 1991 (as amended), and other appropriate penalties. This circular replaces the previous one dated December 29th, 2010, in reference to utilizing funds purchased from CBN's WDAS window.

Nigeria

Central Bank of Nigeria

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