2009-04-20 | BSD/DIR/GEN/CIR/03/004

Sanctions for Violation of the Decision on Maximum Deposit Rate, Lending Rate and Other Charges

The Central Bank of Nigeria has directed that discount houses and primary mortgage institutions must comply with the same deposit and lending rate caps as banks, with sanctions for violations, including monetary penalties and suspension of MD/CEOs. This is in response to customers allegedly moving their deposits to these institutions to circumvent the caps.

Nigeria

Central Bank of Nigeria

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