availability of foreign exchange and failure to sustain the policy will result in the depreciation of the naira he warned. Key highlights of the framework include:. The Federal Government of Nigeria through it finance arm unveiled the new forex policy in Nigeria. He urged the CBN to exercise a strict oversight function on the banks to checkmate round-tripping. According to the Governor while making the announcement, CBN will operate a single trading window consisting of 10 primary traders each having a minimum volume of 10 million.
The new CBN Forex policy, explained - Ventures Africa
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He also expressed doubts on bdo exchange rate singapore dollar to philippine peso the quantum of foreign currencies in the nation's reserves that could sustain the policy in the long run. "Increase in the price of oil at the international market will translate to more foreign exchange for the CBN to fund dollar sales to genuine seekers. Related: tags: cbn new forex policy in Nigeria new forex policy in Nigeria forex policy cbn. Anthony Monye-Elmina, the Head of Department of Economics, University of Benin, said most Nigerians were worried about the sustainability of the new foreign exchange policy. The CBN shall introduce non-deliverable over-the-counter (OTC) Naira-settled Futures, with daily rates on the CBN-approved fmdq Trading and Reporting System. The Central Bank of Nigeria, CBN, on Wednesday formally unveiled the much-awaited flexible foreign exchange policy that would allow the foreign exchange interbank trading window to be driven purely by market forces. "The BDCs have partnered with the CBN by preventing the dollar to reach N1, 000 per dollar in the parallel market as predicted by some economists. The bank said it took the decision to make foreign currency exchange easier for Nigerians and reduce the stress often caused by currency hoarders and speculators. The OTC FX Futures shall be in non-standardized amounts and different fixed tenors, which may be sold on any dates thereby ensuring bespoke maturity dates;. According to the new forex policy in Nigeria, there shall be no predetermined spread on Foreign Exchange spot transactions executed through the Central Bank intervention with Primary Dealers while all forex Spot purchased by the authorized Dealers are transferable in the inter-bank forex Market.
This development comes a week after the National Economic Council had requested for a review of the current Forex policy due to the disparity between the parallel and official rates.
Nigeria new forex policy effectively removes controls on the naira and is expected to among other things increase the supply of dollars and help the Nigerian weak economy.
According to the Governor while making the announcement, CBN will operate a single trading window consisting of 10 primary traders each having a minimum volume of 10 million.
The Central Bank.
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