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Home Business News

CBN modifies settlement scheme for commercial banks

Onome Ohwovoriole by Onome Ohwovoriole
November 13, 2017
in Business News
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In a circular released last week, the Central Bank of Nigeria (CBN) extended the scope of settlement banks in the country.  Settlement of net clearing obligations arising from the Central Securities Clearing System (CSCS),  Cheques, Cards, National Electronic Fund Transfer (NEFT),  Automated Clearing House ACH, NIBSS Instant Payment ( NIIP)  shall be through the account of settlement banks only.

Settlement banks are expected to update their agency agreements with  non settlement banks. Merchant banks, that don’t have a settlement bank are expected to appoint a settlement bank and inform the CBN with a copy of the letter from the settlement bank, accepting tos settle them.

Here is a copy of the circular.

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Tags: CBNCBN Policies
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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