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 framework governing participation in Open Market Operations, OMO. This was disclosed in 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 restriction on participation […] CBN announces removal of…
In a recent circular, the Central Bank of Nigeria (CBN) announced the removal of certain restrictions on access to the Discount Window for foreign exchange (FX) and open market operations (OMO). According to Acting Director of the Financial Markets Department, Okey Umeano, the existing restriction on participating in OMO auctions by institutions using the Discount Window on the same day will continue to apply.
However, the CBN has lifted the FX transaction limits tied to participation in the Nigerian Foreign Exchange Market (NFEM) and primary government securities auctions. Additionally, the suspension of repurchase transactions has been rescinded. The new framework will commence immediately, according to the CBN, which stated that they have reviewed market practices and developments in the foreign exchange, money, and fixed-income markets, as well as the Standing Lending Facility, Tenored Repo Operations, and OMO access.
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