The Central Bank of Nigeria has notified Authorised Dealers that the suspension on Standing Lending Facility (SLF) has been lifted. Authorised Dealers are to send their requests for SLF through the Scripless Securities Settlement System (S4) within the operating hours of 5:00pm to 6:30pm.
The Monetary Policy Committee (MPC) adjusted the upper corridor of the standing facilities to 5% from 1% around the MPR at its 296th meeting.
In a circular signed by the Director of Financial Market Department, Omolara Duke, CBN stated thus:
Authorised Dealers are:
- Permitted to access the SLF at 31.75%
- Permitted to access ILF to avoid system gridlock at no cost if repaid the same day.
- The 5% penalty is retained for participants that do not settle their ILF, which the system will convert to SLF at 36.75%.