…Rolls out sanctions on NEMSF
The Central Bank of Nigeria (CBN) is planning to raise about N1.77billion in Treasury Bills (TBs) during the last three months of the year just as it rolled out penalties for defaulting banks in the implementation of the CBN-Nigeria Electricity Market Stabilisation Facility (NEMSF).
In its 4th quarter TB Issue Programme released on Monday, the apex bank plans to raise about N815.37 billion, comprising 91 days, 182 days and 364 days debt instruments, while it also plans to raise about N952.05 billion as rollover in the three categories of the instruments.
On the grid sanctions to be meted out to erring banks participating in the Central Bank of Nigeria- Nigeria Electricity Market Stabilisation Facility (CBN-NEMSF), the bank, in a circular, entitled Sanctions grid to Deposit Money Banks Under the Central Bank of Nigeria- Nigeria Electricity Market Stabilisation Facility by its Director, Financial Policy & Regulation Department, Kevin Amugo, stated that:
“In furtherance of our circular referenced FPR/DIR/GEN/CIR/01/004 dated March 4, 2015, forwarding the terms and conditions for participating deposit money banks in the implementation of the CBN- Nigeria Electricity Market Stabilisation Facility, the CBN has approved a sanctions grid to ensure compliance with the terms and conditions of the facility”.