11 July 2019

Nigeria: CBN Unveils Guidelines for Accessing Standing Deposit Facility

The Central Bank of Nigeria (CBN) last night introduced fresh rules for accessing its Standing Deposit Facility (SDF).

The SDF is the rate at which commercial and merchant banks deposits funds with the CBN.

The CBN stated this in a circular dated July 10, 2019, that was signed by its Director, Financial Markets Departments, Dr. Angela Sere-Ejembi.

It made reference to the circular to all banks and discount houses, Re: Guidelines on Accessing the CBN Standing Deposit Facility, Ref: FMD/DIR/GEN/CIR/05/020 and dated November 6, 2014.

Following the review, the central bank stated that: "The remunerable daily placement by banks at the SDF shall not exceed N2 billion. The SDF deposit of N2 billion shall be remunerated and the interest rate prescribed by the Monetary Policy Committee from time to time. "Any deposit by a bank in excess of N2 billion shall not be remunerated. The provisions of the circular take effect from Thursday, July 11, 2019."

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