Regulatory Alerts2012-05-25 | FMD/DIR/GEN/CIR/03/006Appointment of deposit moneybanks and discount houses as money market dealers.
The Central Bank of Nigeria has adopted a single-bid auction system for OMO auctions, leading them to revise the operational guidelines for Money Market Dealers (MMDs). As a result, all deposit money banks and discount houses are now appointed as MMDs, effective May 28th, 2012. All institutions involved must follow these changes accordingly.
CENTRAL BANK OF NIGERIA Corporate Head Office, Central Business District, P.M.B. 0187, Garki, Abuja - F.C.T.
Website: www.cbn.gov.ng Email: info@cbn.gov.ng Our Ref: FMD/DIR/GEN/CIR/03/006 Friday, 25th May, 2012 TO: ALL DEPOSIT MONEY BANKS/DISCOUNT HOUSES APPOINTMENT OF DEPOSIT MONEY BANKS AND DISCOUNT HOUSES AS MONEY MARKET DEALERS Following the adoption of a single-bid auction system at the OMO auctions by the Central Bank of Nigeria to replace the multiple-bid auction system, the Bank has reviewed the operational guidelines for the operation and appointment of Money Market Dealers.
Consequently, all deposit money banks and discount houses are hereby appointed as Money Market Dealers (MMDs), effective Monday, 28th May, 2012.
All deposit money banks and discount houses are hereby requested to note and be guided accordingly.
Than Director, Financial Markets Department