Regulatory Alerts2009-02-27 | OFID-01-2009Circular on Compliance with CIFTS Operating Hours
The Central Bank of Nigeria (CBN) requires all deposit money banks and discount houses to complete their daily CIFTS transactions by 3:30 p.m., as per the CBN Inter-Bank Funds Transfer System (CIFTS) Rules and Regulations. While exceptions may be granted upon request, failure to adhere will result in a double extension fee of N60,000 for each hour beyond the deadline. The Director of Banking Operations Department has issued this notice to ensure compliance with the established guidelines.
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