2012-07-05 | TED.FEM.FPC.GEN.01.016.2012

Utilization of Funds Purchased From CBN (WDAS) Window

The Trade & Exchange Department of CENBank has issued guidelines to improve transparency and efficiency in utilizing WDAS funds. Effective from July 9th, 2012, these funds must be utilized within two working days. Unutilized funds will be refunded to the CBN with interest or repurchased at the lower of the prevailing rate or initial purchase rate. Authorized Dealers failing to comply may face sanctions such as fund refunds with a 5% LIBOR interest, monetary fines according to BOFIA 1991, and other appropriate penalties. This circular supersedes previous provisions on the subject dated December 29th, 2010.

Nigeria

Central Bank of Nigeria

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