{"id":90289,"date":"2023-06-19T10:33:08","date_gmt":"2023-06-19T09:33:08","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-gives-update-on-foreign-exchange-market-lifts-restriction"},"modified":"2023-06-19T12:55:50","modified_gmt":"2023-06-19T11:55:50","slug":"cbn-gives-update-on-foreign-exchange-market-lifts-restriction","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-update-on-foreign-exchange-market-lifts-restriction","title":{"rendered":"CBN gives update on foreign exchange market, lifts restriction"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria, CBN, has announced further policy changes.<\/p>\n

According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market.<\/p>\n

AbdulMumin said this is to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.<\/p>\n

He said that in line with deliberations at an extraordinary Bankers\u2019 Committee meeting held on June 16, the CBN provided further guidance to Deposit Money Banks (DMBs) as follows:<\/p>\n

\u201cAll visible and invisible transactions (medicals, school fees, BTA\/PTA, airline and other remittances) are eligible for the Investors\u2019 and Exporters\u2019 (I & E) window.<\/p>\n

\u201cDMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.<\/p>\n

\u201cOrdinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.<\/p>\n

\u201cDomiciliary account holders are permitted to utilise cash deposits not exceeding 10,000 dollars per day or its equivalent via telegraphic transfer,\u201d he said.<\/p>\n

The CBN spokesman said that the DMBs are mandated to provide returns to the CBN, including the \u201cpurpose\u201d for such transactions.<\/p>\n

He added that cash deposits into domiciliary accounts would not be restricted, subject to due diligence by DMBs conducting proper Know Your Customer (KYC).<\/p>\n

\u201cThe CBN will prioritise the orderly settlement of any committed FX forward transactions as they fall due to boost market confidence further.<\/p>\n

\u201cThe Bank will normalise its Cash Reserve Ratio (CRR) maintenance processes and ensure equity in<\/p>\n

its implementation across the banking industry,\u201d he assured.<\/p>\n

He added that the apex bank would continue to engage stakeholders and issue further guidance as it implements the ongoing reforms.<\/p>\n

On Wednesday last week, CBN announced removing the foreign exchange cap to allow banks to trade the Naira against the US dollar freely.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market. AbdulMumin said this is to improve FX supply, discourage speculation, enhance customer confidence and ensure […]<\/p>\n","protected":false},"author":84,"featured_media":90287,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,10626,254],"class_list":["post-90289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-foreign-exchange-market","tag-nigeria"],"yoast_head":"\nCBN gives update on foreign exchange market, lifts restriction - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, has announced further policy changes. 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