New cbn forex rule

New cbn forex rule

Feb 21,  · The new CBN Forex policy, explained On Monday, 20 th February , the Central Bank of Nigeria (CBN) released a press statement on a new Forex policy which it titled “New Policy Actions in the Foreign Exchange Market.” CBN rolls out guidelines for forex operations The Central Bank of Nigeria has rolled out its revised guidelines for foreign exchange market operations in line with the recently announced liberalised regime purchase foreign exchange, for medical bills and paid directly to hospitals. The supply of FX to retail end-users (PTA, BTA, School fees, medical bills, etc) would be sustained by the CBN. C. Forward Sales Tenor In order to further increase the availability of foreign exchange to all end-users, the CBN has decided to significantly reduce the

The new CBN Forex policy, explained - Ventures Africa

The Central Bank of Nigeria has rolled out its revised guidelines for foreign exchange market operations in line with the recently announced liberalised regime. In a circular to authorised dealers and the general public, signed by the Acting Director, Trade and Exchange Department, CBN, Mr.

Batari Musa, and posted on the website on Wednesday, the apex bank said the Wholesale Dutch Auction System would, with effect from Monday, July 13, replace the Retail Dutch Auction System, new cbn forex rule.

This, it said, was to stimulate activities in the inter-bank market and stabilise the foreign exchange market. Former CBN Governor, Prof. Chukwuma Soludo, replaced the WDAS with RDAS as an interim measure to tackle excessive demand for foreign exchange for non-approved transactions, as the naira faced pressure new cbn forex rule the face of dwindling oil revenues.

It said copies of the announcement might be obtained from its trade and exchange department at the CBN Head Office in Abuja. It said the bids should be submitted via Reuters Dealing Xtra System to the Abuja dealing line. According to the guideline, the CBN shall announce the result of each auction by 1. The apex bank, however, said that funds purchased from it at the auction should be used for eligible transactions only, subject to stipulated documentation requirements, adding that such funds would be transferable in the inter-bank foreign exchange market.

The circular also said that the foreign exchange Net Open Position of banks had been increased from 2. Contravention of any of new cbn forex rule forex market regulations, the CBN said, would attract appropriate sanctions as spelt out in the provisions of relevant laws and the CBN guidelines.

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Money Transfer ; CBN Changes Rule on Remittance

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CBN rolls out guidelines for forex operations

Jun 06,  · Attend The Lagos Startup Week September 5, Entrepreneurship. FG Launches N5 Billion Loan For Small-Scale August 31, Feb 23,  · The Central Bank of Nigeria (CBN) on Sunday said customers can deposit dollars into their domiciliary accounts but are not allowed to transfer such funds to another blogger.comted Reading Time: 3 mins Feb 21,  · The Central Bank of Nigeria (CBN) has directed “all banks to open FX retail outlets at major airports as soon as logistics permit”. The directive is part of new