Follow Us on Google
By Chinwendu Obienyi
The Central Bank of Nigeria (CBN) has again warned all deposit money bank (DMBs), licensed non-interest banks and other authorised dealers to adhere to the latest circular/guidelines on discount windows, operations of non-interest financial institutions and access to its standing deposit facility (SDF). The apex bank has circulars addressing the above matter issued in 2022 and 2023 respectively but insists that operators stick to the 2023 as it supersedes that of 2022.
In a statement signed by the Director Financials Department, Duke Omolara, stated that it has observed that some superseded circular/guidelines are still in use even though they have been replaced by newer circulars/guidelines.
The statement read, “The CBN hereby directs DMBs, licensed non-interest banks and other authorised dealers at the CBN discount window to adhere to the circulars/guidelines that supersede previous ones issued by the bank.
Accordingly, this circular highlights the superseding circulars for your information and compliance. Circular to all authorised dealers: Access to the discount window, Revised guidelines for the operations of non-interest financial institutions’ instruments by the CBN and guidelines on accessing the CBN SDF”.
The bank noted further, “Consequently all authorised dealers are hereby notified on the latest development and required to heed accordingly”.
Meanwhile, the apex bank has stated that it has in collaboration with the Federal Government, implemented various measures to address the rise in food prices.
Whilst delivering the bags of fertilizers to Abubakar Kyari, the Minister of Agriculture and Food Security, during a ceremony on Wednesday in Abuja, the CBN Governor, Olayemi Cardoso, said that although short-term inflationary pressures might persist, primarily driven by increasing food costs, the bank is in an intensified collaboration with the Federal Ministry of Agriculture and Food Security to jointly address the surge in food prices.
Cardoso said, “In the short term, the inflationary pressure may persist, predominantly driven by escalating food prices. This is why we are strengthening our collaboration with the Federal Ministry of Agriculture and Food Security with the shared objective of mitigating the surge in food prices.
The CBN has veered away from direct quasi-fiscal intervention and transiting towards leveraging conventional monetary policy tools for executing monetary policy effectively.
We want to extend our support and closer ties with Ministry, Departments and Agencies (MDAs) that bear this mandate”
Cardoso thereafter said the bank is looking forward to enhance its partnership with the agriculture ministry to enhance food productivity and security.
