Tony Chukwunyem 
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs), licenced non-interest banks and other authorised dealers at its discount window, to adhere to the new circulars/ guidelines it released to replace the previously issued documents.
In a circular posted on its website yesterday, signed by the Director, Financial Markets Department, Dr. Omolara Duke, the apex bank said it had to issue the directive having “observed that some superseded circulars/ guidelines are still in use even though they have been replaced by newer circulars/guidelines.”
Specifically, the CBN highlighted the guidelines on accessing its Standing Deposit Facil The apex bank also highlighted the circular on access to the discount window, which it issued on October 7, 2022, to replace the circulars it issued on August 8, 2016 and August 1, 2012.
Similarly, the regulator stated that the revised guidelines for the operation of non-interest financial institutions, which it issued on June 9, 2022, superseded the circular on the introduction of two new instruments for noninterest banks released on August 24, 2017, as well as the guidelines for the operation of non-interest financial instruments that it issued on December 12, 2012.
