Regulatory Alerts2024-11-29 | FMD/DIR/PUB/CIR/001/022SUPERSEDED CIRCULAR - OPERATIONALISATION OF THE STANDING DEPOSIT FACILITY (SDF) ASYMMETRIC CORRIDOR: POST 298TH MEETING OF THE MONETARY POLICY COMMITTE (MPC)
The Central Bank of Nigeria's Monetary Policy Committee (MPC) has decided to retain the Asymmetric Corridor at +500/-100 around the MPR and remove the second tier of the Standing Deposit Facility (SDF) of 19% on deposits above 43 billion. Consequently, all SDF will now be remunerated at a single-tier rate of MPR minus 100 basis points, which currently stands at 26.50%. This new circular supersedes the previous one issued on August 26, 2024.
Website: www.cbn.gov.ng Email: financialmarkets(@cbn.gov.ng Tel: 09 462 36700, 0946236703 CENTRAL BANK OF NIGERIA Corporate Head Office, Central Business District, P.M.B. 0187, Garki, Abuja - F.C.T FMD/DIR/PUB/CIR/001/022 November 29, 2024 ALL AUTHORISED DEALERS SUPERSEDED CIRCULAR - OPERATIONALISATION OF THE STANDING DEPOSIT FACILITY (SDF) ASYMMETRIC CORRIDOR: POST 298™ MEETING OF THE MONETARY POLICY COMMITTEE (MPC).
At the 2980 meeting of the Monetary Policy Committee (MPC), the Committee retained the Asymmetric Corridor at +500/-100 around the MPR and removed the 2nd tier of the Standing Deposit Facility (SDF) of 19% on deposits above 43billion.
The SDF will now be remunerated on a single tier basis which is currently Monetary Policy Rate (MPR) minus 100 basis points. Consequently, all SDF will be remunerated at the prevailing SDF rate of 26.50%. This circular supersedes the earlier circular on the Asymmetric Corridor indicated below: Superseded Circular: Ref: FMD/DIR/PUB/CIR/001/017, dated August 26, 2024 Subject: OPERATIONALISATION OF THE STANDING DEPOSIT FACILITY (SDF) SYMMETRIC CORRIDOR All Authorised Dealers are required to take note of this new development. This circular takes immediate effect.
an hike. Omolara O. Duke (Ph.D.) Director, Financial Markets Department