JUST IN: Central Bank Of Nigeria Announces New Changes To Forex Market

CBN

Barely 24hrs after the Central Bank of Nigeria (CBN) announced it new policy that banks should begin forex trading in the country, the financial institution has once again confirmed changes in the foreign exchange market.

 The Director, Financial Markets, Angela Sere-Ejembi, in a statement this evening announced the changes and abolishment of segmentation. She said;

“The Central Bank of Nigeria (CBN) wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market:

 Abolishment of segmentation.

"All segments are now collapsed into the Investors and Exporters (I&E) window.

 Applications for medicals, school fees, BTA/PTA, and SMES would continue to be processed through deposit money banks.”

“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. 

Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007.

"All eligible transactions are permitted to access foreign exchange at this window' she added.

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