Central Banking

CBN issues new settlement system guidelines

The Central Bank of Nigeria (CBN) has released guidelines on the new settlement system for the banking industry, scheduled to commence on the 1st of April.

Entitled: "Guidelines on Nigeria Banks Clearing and Settlement System," the rules spell out the duties and obligation of the settlement banks, non-settlement banks and the CBN.

Among other things, the guidelines stipulate that the relationship between the settlement banks and any non-settlement bank shall be governed by an agency agreement e