Friday, December 22, 2017 /12:40 PM / CBN
You will recall that a directive was issued on the extension of settlement banking arrangement that is being practiced for cheque clearing sessions 1 and 2 to other net settlement sessions (0 and 3) via 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 merchant banks that do not have settlement banks should appoint settlement banks and inform the Director, Banking & Payments System Department, CBN Abuja, on or before 15th December, 2017.
Please note that the new policy on the extension of settlement banking to all the 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 sessions 1 and 2 (cheque and NEFT clearing instruments) only shall remain in force.
2. CBN Non-Oil Export Stimulation Facility (NESF) Guidelines
3. NSE Issues Notification of Effective Dates of New Rules for Dealing Members
4. CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number
5. CBN Unveils Framework For BVN, Watch-List Operations
6. The MG to Hold Roundtables On Reforms To Audit Standard-Setting Process
7. CBN to Draft Framework on Credit to SMEs
8. IMO Assembly elects new 40-Member Council
9. SEC Announces December 31, 2017 as Termination of Dividend Warrant Issuance
10. Good Practices for the Termination of Investment Funds Report Seek to Protect Investors