The Central Bank of Nigeria has called on settlement banks to provide a clearing collateral of not less than 15 billion naira of treasury bills to enable them perform settlement roles.
The directive was contained in the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018/2019.
The Apex bank says it will categorize banks into settlement and non-settlement banks for the purpose of clearing.
Settlement banks will participate directly in the clearing houses and receive their net clearing position in their settlement account with the CBN while non-settlement banks will receive net clearing position through the account of their settlement banks.
