CBN announces removal of restrictions on Discount Window access for FX, OMO

The Central Bank of Nigeria, CBN has reviewed its Discount Window restrictions and the model governing information successful Open Market Operations, OMO.

This was disclosed successful a circular signed by the apex bank’s Acting Director of the Financial Markets Department, Okey Umeano, on Wednesday.

With the latest review, the CBN said the existing regularisation connected information successful OMO auctions by institutions accessing the Discount Window connected the aforesaid time volition stay successful force.

However, it removed the overseas speech (FX) transaction restrictions connected entree to the Discount Window arising from information successful the Nigerian Foreign Exchange Market, NFEM and superior auctions of authorities securities.

The apex slope further said the suspension of tenored Repurchase (Repo) transactions has been lifted.

The CBN noted that the reappraisal takes effect immediately.

“The Central Bank of Nigeria, CBN has reviewed existing marketplace practices and developments successful the overseas exchange, money, and fixed-income markets. The Bank has besides reviewed the model governing entree to the Standing Lending Facility...