Regulatory Alerts2009-02-17 | TED-FEM-FPC-GEN-01-018Repatriation of Unutilized Retail Dutch Auction System (RDAS) By Authorized Dealers
The Central Bank of Nigeria (CBN) has issued a circular directing authorized dealers to provide specific details when transferring unutilized foreign exchange balances through the Retail Dutch Auction System. These details include the reference number, bank name, and purpose of payment. Failing to comply with these instructions may result in the funds not being processed. This follows the previous circular sent on January 15th, 2009.
09-616 37830 09-616 37816 e-mail-address: ted@cenbank.org TED/FEM/GEN/FPC/01/020 February 16, 2009 TO: ALL AUTHORISED DEALERS AND GENERAL PUBLIC REPATRIATION OF UNUTILIZED RETAIL DUTCH AUCTION SYSTEM (RDAS) BY AUTHORISED DEALERS Further to the circular Ref. No. TED/FEM/FPC/GEN/01/003 OF January 15, 2009, Authorized Dealers are hereby requested that henceforth the transfer instructions to the correspondent banks on the repatriation of unutilized foreign exchange balances should contain the following details:
- Retail Dutch Auction System reference number 2. Name of the bank 3. Purpose of payment For the avoidance of doubt, any unutilized funds remitted to CBN SPECIAL FEM ACCOUNT with J.P. Morgan Chase Bank, New York without the above mentioned details will not be processed. Please ensure compliance accordingly.
Batari Musa Ag. DIRECTOR TRADE AND EXCHANGE DEPARTMENT