OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET

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

• The operational rate for all government-related transactions shall be the weighted average rate of the preceding day's executed transactions at the I&E window, calculated to two (2) decimal places

• Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.


• Re-introduction of order-based two-way quotes, with bid-ask spread of Ni. All transactions shall be cleared by a Central Counter Party (CCP). • Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.

• The operational hours of trades shall be from 9am to 4pm, Nigeria time

• Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, with effect from 30 June 2023.

Further guidance on these matters shall be communicated in due course All market participants and the general public are kindly enjoined to abide by these rules.

Ange a re-Ejernbi, PhD Director, Financial Markets
14 June 2023

Reading....

Detailed

This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

Okay

Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

Please who can interpret in plain english

how is this Mr Tinubu getting away with all this, so many president can't attempt this

Following The Update

Lol...

I no fit read the long speesh and I don't even wanna understand.. somebody please tell me its gonna affect those guys from Niger Republic doing BDC in Asaba.

It is unacceptable olorun

Fantastic!
This has been long awaited! Long overdue!

I just hope the government can slash company tax to 12.5%. This could achieve the 10% yearly economic growth rate it seeks.

Even if it's 15% good, inclusive of the 2% education tax.

Ah!

?

Omoh the grammar here strong pass me
People wey no understand shishi gather here

Abeg person help me explain

Ok

President Tinubu’s Effect 🇳🇬🇳🇬🇳🇬

una wan comot food from aboki mouth

All these fuel price increase, dollar increase, igbo and loud price no change. To God be the glory.

Anything to make the naira strong is welcomed.

Okay... Changes left and right. I hope they're not playing to the gallery vis a vis initial gragra?

Otoge!

Local man can't even wrap his head around anything up there, to make the whole drama worst, wetin be this abeg.

Ange a re-Ejernbi, I even used Google and the weyrey no even get answer to am. Pressure ti wa bayi!

Good development

J

Cool

Joke apart I don't understand what I have just read. If I tell you I understood what I have just read I am lying to myself

Can someone explain?

Seriously I am getting frightened by this pace...ah, BAT is outrunning even the supposed healthy clowns.

A better Nigeria is here and anyone wishing against her wellness will never succeed.

Me no understand anything there bob