The Central Bank of Nigeria has said Forex dealers can now fix their foreign exchange ratesThe bank said the move is to ensure transparency and easy access to foreign exchange to help boost the nairaCBN said banks are now to conduct their FX transactions on a ‘Willing Buyer and Willing Seller’ basis….CONTINUE READING
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The Central Bank of Nigeria (CBN) has paved the way for banks to sell foreign exchange at rates they deem fit in plans to stabilise the naira.
CBN’s Director of the Financial Markets Department, Omolara Omotunde, disclosed this in a circular addressed to all authorised dealers, saying the bank has decided to discontinue any restrictions on the sale of interbank proceeds.
Commercial banks can now establish their rates based on demand by removing the caps in the spread at the interbank foreign exchange transactions.
