Regulatory Alerts2012-11-28 | BPS/DIR/CIR/08/2012Circular to Deposit Money Banks in Respect of the Clearing of Financial Instruments of Liquidated/Legacy Banks
The Central Bank of Nigeria has issued a circular to deposit money banks, instructing them to stop processing and clearing financial instruments of liquidated/legacy banks in the clearing houses. The bank advises that as of January 2nd, 2013, no legacy/liquidated bank financial instruments will be accepted for presentation in Nigerian clearing houses, with severe sanctions for non-compliance.
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