CENTRAL Bank of Nigeria, CBN, has given a directive refraining authorised dealers from accessing the discount window of the CBN on the settlement date for government securities’ auctions.
According to the directive, which was signed by Director, Financial Markets Department, Alvan E. Ikoku, the CBN had observed the abuse of access to its standing lending facility by authorised dealers, noting that “it has become imperative that some measures be taken to redress the trend and redefine the mode of operation by authorised dealers at the window.”
The securities include CBN bills, Nigerian Treasury Bills and Federal Government of Nigeria Bonds.
“All authorised dealers are hereby required to note and comply accordingly, as any violation will result in the denial of access to the CBN Standing Lending Facility. You are reminded that authorised dealers who come to any of CBN’s windows are prohibited from the interbank foreign exchange market on the same day,” the CBN said.

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