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Central Bank Announces Changes To Forex Market, Abolishes Multiple Exchange Rates | Sahara Reporters

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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, announced the changes and abolishment of segmentation. “The Central Bank of Nigeria (CBN) wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market: Abolishment of segmentation.

In a statement on Wednesday night, Angela Sere-Ejembi, Director, Financial Markets, announced the changes and abolishment of segmentation.In a statement on Wednesday night, Angela Sere-Ejembi, Director, Financial Markets, announced the changes and abolishment of segmentation.

“The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. "All segments are now collapsed into the Investors and Exporters 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.SaharaReporters.com is an outstanding, groundbreaking news website that encourages citizen journalists to report ongoing corruption and government malfeasance in Africa.

 

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