CBN Unveils New Forex Guidelines, Confines Exchange Rate to Market Forces

  • Appoints primary forex dealers, says ban on 41 items remains
  • Backlog of matured letters of credit to be cleared
  • Trading under new guideline to begin Monday

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James Emejo in Abuja

The imperative financial institution of Nigeria (CBN) on Wednesday unveiled the a good deal-predicted bendy forex framework, permitting the change charge of the naira to be decided via marketplace forces of demand and supply, although the apex bank would step in on every occasion appropriate.

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The discharge got here after weeks of consultations with stakeholders inclusive of the banks, on the want for a extra bendy foreign exchange market to, amongst different things, lessen strain at the neighborhood foreign money and incentivize overseas investors.

 

Details later

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