CBN Issues Guidelines on Accessing Standing Deposit Facility WEF July 11, 2019

July 10, 2019/CBN

With reference to the circular to all Banks and Discounts Houses, Re: Guidelines on Accessing the CBN Standing Deposit Facility, Ref: FMD/DIR/GEN/CIR/05/020 and dated November 06, 2014, after further review:

1. The remunerable daily placements by banks at the SDF shall not exceed N2billion.
2. The SDF deposit of N2billion shall be remunerated at the interest rate prescribed by the Monetary Policy Committee from time to time.
3. Any deposit by a bank in excess of N2billion shall not be remunerated.

The provision of this circular take effect from Thursday July 11, 2019.