Regulatory Alerts2024-08-26 | FMD/DIR/PUB/CIR/001/017CIRCULAR TO AUTHORISED DEALERS: Operationalization of the Standing Deposit Facility (SDF) Asymmetric Corridor
The Central Bank of Nigeria (CBN) has adjusted the Asymmetric Corridor to +500/-100bps from +100/-300bps around the Monetary Policy Rate (MPR). This leads to a Standing Lending Facility rate of 31.75% and a new Standing Deposit Facility (SDF) rate of 25.75%. The SDF adjustments apply differently for Commercial & Merchant Banks, with deposit rates at 25.75% up to N3 billion and 19.00% for excess deposits above that amount. For Payment Service Banks, the deposit rate is also 25.75% up to N1.5 billion, while excess deposits above that are charged 19.00%. The new circular takes immediate effect.