Regulatory Alerts2012-06-18 | FMD/FED/CIR/GEN/01/111/12REFUND OF UN-UTILIZED WDAS FUNDS
This communication from the Central Bank of Nigeria reminds all authorized dealers to adhere strictly to their policy requiring that any unutilized funds purchased from the Wholesale Dutch Auction System (WDAS-SPT) should be returned within five working days. Any dealer found contravening this policy will face appropriate sanctions. The message was sent by the Director of the Financial Markets Department and can be reached via email at financialmarkets@cbn.gov.ng or Tel: 09 462 36600, 09462 36603.
Website: www.cenbank.org CENTRAL BANK OF NIGERIA Corporate Head Office, Central Business District, P.M.B. 0187, Garki, Abuja - F.C.T.
Email: financialmarkets@cbn.gov.ng Tel: 09 462 36600, 0946236603 Our Ref: FMD/FED/CIR/GEN/01/111/12 June 13, 2012 TO ALL AUTHORISED DEALERS REFUND OF UN-UTILIZED WDAS FUNDS WITH REFERENCE TO OUR CIRCULAR REF. FMD/FED/CIR/GEN/01/082/10 OF DECEMBER 29, 2010 ON THE REVISED GUIDELINES FOR THE OPERATION OF THE FOREIGN EXCHANGE MARKET: WHOLESALE DUTCH AUCTION SYSTEM-SPOT (WDAS-SPT). AUTHORIZED DEALERS ARE HEREBY REMINDED OF THE NEED TO ADHERE STRICTLY TO THE REQUIREMENT THAT ANY UNUTILIZED FUNDS PURCHASED FROM THE WDAS-SPT SHOULD BE RETURNED WITHIN FIVE (5) WORKING DAYS.
ANY AUTHORIZED DEALER FOUND CONTRAVENING THE POLICY SHALL BE SANCTIONED ACCORDINGLY.
DIRECTOR FINANCIAL MARKETS DEPARTMENT