The Central Bank of Nigeria (CBN) has ordered banks to publish details of all foreign exchange transactions on the Financial Market Dealers Quote (FMDQ) platform.

Meanwhile the naira depreciated by 1.5 percent (N4.5) at the interbank foreign exchange market for spot transactions. From N305.25 per dollar at the end of transactions on Friday, the exchange rate for spot transactions dropped rose to N309.84 per dollar at the close of business yesterday. But at the parallel market the naira remained relatively stable as the parallel market rate stood at N376 per dollar.

Announcing the directive of the CBN in an email to foreign exchange dealers, Managing Director/Chief Executive FMDQ, Mr. Bola Onadele said, “Banks should “update all trades irrespective of the exchange rate.

“The CBN is very interested in credible price formation for the spot foreign-exchange market. It is also imperative for price discovery and liquidity assessment of our market, which are key to activate foreign portfolio investment flows”, he said Banks should publish all their so-called “off-line trades” on its trading system “within 30 minutes of execution of such transactions,” according to a separate e-mail sent to dealers by FMDQ on the same day. The naira fell 3.9 percent, the most since the devaluation, to 305.25 on July 22, the day after Onadele’s e-mails. It rose 2.9 percent to 296.75 by 2:38 p.m. in Lagos on Monday.

Nigeria has struggled to attract foreign money into its bond and equity markets since devaluing the naira by 30 percent on June 20, ending a 16-month peg of 197-199 per dollar, with investors concerned the central bank was still controlling the exchange rate. FMDQ started operations in 2013 and is chaired by Sarah Alade, deputy governor of the CBN.


www.vanguardngr.com/2016/07/appreciating-president-buharis-model-community-policing/

cc lalasticlala mynd44

Transparency and accountability.

Nagode Sai Baba.

Of course.

But hide all Aisha's transactions.

Buhari please stop been stupid and disappoint us for once.

Good

I hope this isn't one of the many Jonáthàn initiative? Nice move there.

okay. Nice initiative, that's if it will reduce the dollar rate

The greenback is one hell of a king

Obijulius:
Of course.

But hide all Aisha's transactions.

Buhari please stop been stupid and disappoint us for once.

At this your age?

Naira free fall.

Nigerian banks will find a loophole to circumvent detailed reporting.

are dey doing this because of the UBA transactions to the turkey?



Nigerians only learn when all is not well

I don't even know anything

This is total doom to the FMDQ,, if CBN or the FG can't attract foreign investors for dollar to still float in the market then plz trust me. YOU Nigerians are out for DOOM.... the exchange rate is swt toe here in d u.s...... vcos na land I dey aquire but I feel so bad. Cos it's stupid dat a state can not even think f ow to curb the dollar..
.. abacha curb am. Den up democracy no fir for naija..... mak na think am.

We all know banks are not loyal

hmm

Ok

That's good.Transparency is needed.

ehiage27:
This is total doom to the FMDQ,, if CBN or the FG can't attract foreign investors for dollar to still float in the market then plz trust me. YOU Nigerians are out for DOOM.... the exchange rate is swt toe here in d u.s...... vcos na land I dey aquire but I feel so bad. Cos it's stupid dat a state can not even think f ow to curb the dollar..
.. abacha curb am. Den up democracy no fir for naija..... mak na think am.

Trash

will it help the current free fall of naira

For probity, transparency and accountability it is a good move.

Still confused

Presidency proposes $42.5 oil price benchmark for 2017

For the next fiscal year, the executive arm of government has proposed a crude oil benchmark price of $42.5 per barrel, up from the $30 in the 2016’s budget.
An estimated N7.775 trillion is expected as revenue to be generated from the oil mineral resources alone based on the proposed $42.5 benchmark price and an estimated 2.2 million barrel per day oil production volume.

These proposals are contained in the 2017 – 2019 Medium Expenditure Framework and Fiscal Strategy (MTEF) prepared by the Ministry of Budget and National Planning that would guide the engagement with the National Assembly and other stakeholders, as well as the eventual implementation of the 2017 plan when finally passed and signed into law.The proposal is to be submitted to the National Assembly before the end of August, according to the executive arm of government. Yesterday in Abuja, the Budget and National Planning Minister, Senator Udoma Udo Udoma and the Minister of State in the Ministry, Mrs. Zainab Ahmed as well as the Director-General of the Budget Office of the Federation, Mr. Ben Akabueze, met with civil society groups to get their inputs to the MTEF in line with the provisions of the 2007 Fiscal Responsibility Act.
Unfolding the three-year MTEF budgetary plan, the executive also presented a crude oil production forecast of 2.3 million for 2018 and 2.4 million for 2019, just as it believes that the benchmark price for 2018 and 2019 would be $45 and $50 respectively. The proposal left the exchange rate at N290/$ for the three years beginning from next year to 2019 while it projected the inflation rate to remain at a double digit at 12.92 per cent for 2017; 11.88 per cent for 2018, and 12.57 per cent for 2019.
Surprisingly, Udoma projects Nigeria’s BDP to rise from its sluggish growth level of 0.35 now to 3.02 per cent in 2017; 4.26 per cent in 2018, and 4.04 per cent in 2019.
He explained: “The GDP growth is projected to gradually recover after the slowdown. A very marginal positive growth of 0.35 per cent is envisaged for 2016 and is projected to 4.04 per cent in 2019, thus averaging 3.77 per cent during MTEF period. GDP growth is largely to be driven by non-oil sector with agriculture, including agro – business, solid minerals, building and housing playing a lead role. Export- led growth is to be pursued as government will continue to step up efforts in diversifying the productive base of the economy as well as implementing relevant reforms.”
On non-oil mineral revenue, the minister declared that Companies Income Tax (CIT) was projected to increase from N1.788 trillion this year to over N1.86 trillion in 2017 and beyond; VAT collections/ receipts to increase by about 42.4 per cent in 2017, while operating surpluses from independent revenue sources projection are expected to moderate in 2017 and thereafter a modest growth.
On duties generated by the Nigerian Customs Service, Udoma said they were equally projected to moderate downwards in 2017 before picking up , while recoveries of misappropriated funds are projected to increase later this year and the succeeding years as well as recoveries / refunds from strategic alliance contracts and recoveries of other misappropriated funds and fines.
more Here>>http://www.sarakinews.com/2016/07/presidency-proposes-425-oil-price.html

Okay ooooooo

good move

It's allight!!!

to be honest with you...I don't know what to comment

Everyone must account for his transactions

this man called naira sef should man up... and appreciate jare... dollar has been hitting him hard 4 2 long! CBN get jargons plenty 4 mouth