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[ MAIN ]BANKING & FINANCENEWS

Hope For Forex Dealers As CBN Reviews Position to 0.1%

Foreign currency dealers’ activities is expected to witness a boost.

On Monday, January 12, the Central Bank of Nigeria (CBN) carried out an upward review of the daily foreign currency trading positions of banks from zero per cent to 0.1 per cent.

The apex bank gave the directives in a circular titled: “Daily Foreign Currency Trading Positions of Banks and Period for Utilisation of Funds,” dated January 12, 2015, a copy of which was posted on its website.

Following the directives, the commercial banks are expected to exploit  funds purchased from the autonomous foreign exchange market within 72 hours instead of 48 hours.

The CBN had last month reviewed the daily foreign exchange trading position to zero per cent of shareholders’ funds from one per cent.

 

 

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