The Central Bank of Nigeria (CBN) has lifted restrictions that previously prevented financial institutions accessing its Standing Lending Facility (SLF) from participating in the Nigerian Foreign Exchange Market (NFEM) and primary auctions of government securities.
The apex bank announced the changes in a circular dated August 12, 2026, issued to Deposit Money Banks, authorised dealers, and the general public.
Under the revised framework, participation in the FX market or government securities auctions will no longer disqualify institutions from accessing the CBN’s Discount Window. The move followed a review of developments across the foreign exchange, money and fixed-income markets and is aimed at giving financial institutions greater flexibility in managing liquidity.
However, the CBN maintained its restriction on institutions participating in Open Market Operations (OMO) auctions on the same day they access the Discount Window.
The revised framework also expands access to OMO transactions, allowing individuals, corporates and non-bank financial institutions to participate in both primary and secondary markets through Deposit Money Banks.
In addition, the CBN has reinstated tenored repurchase (repo) operations, with approved tenors ranging from four to 90 days. The measure is expected to provide the apex bank with greater flexibility in injecting or absorbing liquidity and strengthening monetary policy implementation.
The CBN said the volume, tenor and frequency of OMO issuances would continue to be determined by prevailing liquidity conditions and monetary policy objectives.
All banks, authorised dealers and other market participants have been directed to comply with the revised framework.
