CBN Abolishes Multiple Exchange Rate Window
POLITICS DIGEST- The Central Bank of Nigeria (CBN) has confirmed changes in the foreign exchange market.
In a statement on Wednesday night, Angela Sere-Ejembi, Director, Financial Markets, confirmed the changes
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“The Central Bank of Nigeria (CBN) wishes to inform all authorized 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.
Details later…
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