The Central Bank of Nigeria (CBN) has reiterated its warning to all deposit money banks (DMBs), licensed non-interest banks, and other authorized dealers to comply with the latest circulars and guidelines concerning discount windows, operations of non-interest financial institutions, and access to its standing deposit facility (SDF).
In a statement signed by Duke Omolara, Director of the Financials Department, the CBN emphasized the importance of adhering to the circulars and guidelines issued in 2023, superseding those issued in 2022. The CBN expressed concern that some outdated circulars and guidelines are still being utilized, despite being replaced by newer versions.
The statement directed DMBs, licensed non-interest banks, and other authorized dealers to strictly adhere to the circulars and guidelines that supersede previous ones issued by the bank. Specifically, the CBN highlighted the following superseding circulars for compliance:
- Circular to all authorized dealers: Access to the discount window
- Revised guidelines for the operations of non-interest financial institutions’ instruments by the CBN
- Guidelines on accessing the CBN SDF
The CBN emphasized that all authorized dealers must heed this directive and ensure compliance with the latest circulars and guidelines. The bank urged strict adherence to the updated regulations to maintain transparency and efficiency in banking operations.
This warning underscores the CBN’s commitment to maintaining regulatory oversight and ensuring adherence to updated policies and guidelines within the banking sector. Compliance with these directives is crucial for fostering a robust and well-regulated financial system in Nigeria.
