Central Bank of Nigeria (CBN) has lifted the suspension on its Standing Lending Facility (SLF) for authorized dealers, effective immediately.
Gatekeepers News reports that the move aligns with the Monetary Policy Committee’s decision to adjust the upper corridor of the standing facilities to 5.00% from 1.00% around the Monetary Policy Rate.
According to a circular signed by Omolara Duke, Director of the Financial Markets Department, authorized dealers can now access the SLF at 31.75% through the Scripless Securities Settlement System (S4) within operating hours.
The CBN also announced adjusted standing facilities for banks, including a raised Standing Lending Facility rate of 31.75% and a Standing Deposit Facility rate of 25.75%. Commercial and Merchant Banks will receive 25.75% on deposits up to N3bn, while Payment Service Banks will receive 25.75% on deposits up to N1.50bn.
The circular noted that a 5.00% penalty will be retained for participants who fail to settle their Intraday Lending Facility (ILF), which will be converted to SLF at 36.75% if not repaid the same day.
