Cbn Bank Of Nigeria Shuts Official Forex Windows - Business - Nairaland
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| Cbn Bank Of Nigeria Shuts Official Forex Windows by mascotbest(f): 9:45pm On Feb 19, 2015 |
Central Bank of Nigeria (CBN), Wednesday, announced the closure of its foreign exchange (forex) windows- the Retail Dutch Auction (RDAS) and the Wholesale Dutch Auction Sale (WDAS), thereby shutting out the Bureau de Change operators from forex auction trading. Essentially, the action has conferred on the interbank market activities the power to determine the exchange rate value of the country's legal tender, which could end of the official exchange rate band pegged at N168 to N176 during the last devaluation of the currency. The move, according to CBN, was aimed at averting the emergence of a multiple exchange rate regime and preserve the country's forex reserves, which has plummeted in recent times. According to CBN, the float exchange rate regime, which it adopted following the liberalisation of the forex market, has been majorly successful in ensuring stability in line with its mandate. In a statement signed by the bank's Director of Corporate Communications Department, Ibrahim Mu'azu, henceforth, all demand for forex should be channelled to the Interbank Foreign Exchange Market. Read more... 1 Share
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| Re: Cbn Bank Of Nigeria Shuts Official Forex Windows by ICHINONYE(m): 10:10pm On Feb 19, 2015 |
If dis is true its a wonderful news |
| Re: Cbn Bank Of Nigeria Shuts Official Forex Windows by simplemach(m): 10:22pm On Feb 19, 2015 |
E no concern me, my own na anything wen go make the naira make e come back to #120. If CBN like make dem close the forex Pigeon hole no be only window. |
| Re: Cbn Bank Of Nigeria Shuts Official Forex Windows by Pavore9: 3:44am On Feb 20, 2015 |
Just wish the Naira would bounce back. 1 Like |
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