CBN Extends Settlement Banking Arrangement

[ad_1]

Obinna Chima

The Central Bank of Nigeria (CBN) has postponed until further notice it earlier directive for banks to adhere to settlement banking arrangement for all clearing sessions.

The central bank stated this in a circular that was signed by its Director, Banking and Payments System Department, Mr. Dipo Fatokun, a copy of which was posted on its website.

It explained: “You will recall that a directive was issued on the extension of settlement banking arrangement that is being practiced for cheque clearing sessions one and two to other net settlement sessions (0 and 3) vide our circular referenced BPS/DIR/CIR/GEN/02/039, dated November 10, 2017.

“The aforementioned circular directed the settlement banks to update the agency agreements with their respective non-settlement banks, while merchants banks that do not have settlement banks should appoint settlement banks and inform the Director, Banking and Payment System Department, CBN Abuja, on or before 15th December, 2017.

“Please note that the new extension of settlement banking to all clearing sessions with effect from January 2, 2018, as contained in the referenced circular, is hereby suspended until further notice.

“For the avoidance of doubt, the existing policy that was introduced in April 2004, on settlement banking relationship for session one and two (cheque and NEFT clearing instruments) only shall remain in force.”


[ad_2]

Source link

قالب وردپرس



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply