1. Discount Window Restrictions
The CBN has adopted a differentiated approach to access restrictions on the Standing Lending Facility (SLF)/Discount Window as follows:

a) Open Market Operations
The existing restriction on participation in OMO auctions by institutions accessing the Discount Window on the same day shall remain in force.

b) Foreign Exchange (FX) Transactions
Restrictions on access to the Discount Window arising from participation in the Nigerian Foreign Exchange Market (NFEM) are hereby removed.

c) Government Securities Transactions
Restrictions on access to the Discount Window arising from participation in the primary auctions of Government securities are hereby removed.

2. Tenored Repurchase (Repo) Transactions
The suspension of Tenored Repo Operations is hereby lifted. Accordingly, the CBN may conduct repo operations across approved tenors ranging from 4 to 90 days to support effective liquidity management, improve money market functioning and enhance monetary policy implementation.

3. Open Market Operations Participation Framework
The CBN has revised the OMO participation framework as follows:

a) Broader Participation
OMO participation (primary and secondary markets) shall be open to all eligible investors through Deposit Money Banks (DMBs). Eligible investors include individuals, corporates and non-bank financial institutions. DMBs shall continue to submit bids and settle
transactions on behalf of their customers.

b) Liquidity-Based Issuance
The volume, tenor and frequency of OMO issuances shall continue to be determined by the CBN in line with prevailing liquidity conditions and monetary policy objectives.

c) Single-Bid Auction Structure
OMO auctions shall continue to be conducted using the existing single-bid auction format.

4. Effective Date
The provisions of this Circular take immediate effect.

All banks, authorised dealers and market participants are required to ensure strict compliance.