Regulatory Alerts2009-07-30 | BOD/DIR/GEN/CIR/03/027Added · Updated
Circular on the Need to Provide Adequate Narration for Inter-bank Transfers Over the CBN Inter-bank Funds Transfer System, CIFTS
This circular addresses all Nigerian Deposit Money Banks (DMBs) and Discount Houses (DHs), directing them to provide comprehensive narration for their inter-bank transactions over the Central Bank of Nigeria's Inter-Bank Funds Transfer System (CIFTS). A detailed rationale for this requirement is to allow the CBN to access accurate data on tenors and rates of inter-bank money market transactions, thereby assisting in implementing its new policy of ensuring liquidity among banks. Failure to comply with these provisions will result in restrictions from obtaining funds from any Central Bank window.
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