CBN Cautions Banks Towards Use of Stale Circulars

CBN Cautions Banks Towards Use of Stale Circulars

The Central Financial institution of Nigeria (CBN) has issued a warning to all deposit cash banks, licensed non-interest banks and different authorised sellers over persistent use of outdated circulars and pointers inside the banking sector, urging adherence to up to date circulars.

The directive, issued by Omolara Duke, director of the monetary markets division, emphasizes the significance of compliance with the most recent circulars and pointers issued by the CBN.

Consequently, the CBN directive particularly targets deposit cash banks, licensed non-interest banks, and different approved sellers on the CBN low cost window, instructing them to strictly adhere to the newest circulars and pointers.

Outlined within the directive are the superseding circulars and their respective replacements, guaranteeing readability and compliance inside the banking trade. Notable replacements embody Round FMD/DIR/PUB/CIR/001/006, dated October 7, 2022, which supersedes the earlier circulars concerning entry to the CBN low cost window on public sale days and the evaluate of pointers for accessing CBN lending home windows and repo transactions.

Moreover, Round FMD/DIR/PUB/GUI/001/002, dated June 9, 2022, replaces earlier pointers for the operation of non-interest monetary establishments’ devices, indicating a complete replace in regulatory practices.

The directive underscores the significance of stakeholders’ consciousness and compliance with the up to date circulars and pointers. It serves as a reminder to all related events to familiarise themselves with the most recent protocols issued by the CBN to make sure easy and environment friendly operations inside the banking sector.

In mild of this directive, deposit cash banks, licensed non-interest banks, and approved sellers on the CBN’s low cost window are urged to promptly combine the up to date circulars and pointers into their operations.

The CBN’s proactive method in guaranteeing regulatory compliance and effectivity inside the banking sector displays its dedication to sustaining stability and transparency in Nigeria’s monetary markets. Compliance with the most recent directives is crucial for fostering belief and confidence amongst stakeholders and selling a sturdy banking atmosphere.