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.
09-61638455 (Fax) February 27, 2009 BOD/DIR/CIR/GEN/01/22 To: All Deposit Money Banks and Discount Houses
Circular On Compliance With Cifts Operating Hours
The CBN Inter-Bank Funds Transfer System (CIFTS) Rules and Regulations stipulated the operating hours of 8:30a.m. to 3:30 p.m. for participants' transactions. The rules also provided that participants may request for time extension when needed for its operations.
You will recall that section 3.4 of the Rules and Regulation stipulates the nonenforceability of transactions received outside the operating hours of the system.
Hence, you are required to ensure that your daily CIFTS transactions are completed at 3:30p.m.
However, if there are exceptional challenges on your part which require an extension of the timeline, you are advised to apply in accordance with the rules.
Failure to comply with the above will result in your organization being penalized with double the extension fee for each hour after the 3.30pm timeline. Recall that the extension fee is N60,000 (Sixty thousand Naira only) for each hour.
Best regards AMES K.A OLEKAH Director, Banking Operations Department CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja