CBN announces changes to operations in FX market

The Central Bank of Nigeria has notified all authorised dealers and the general public of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market.

In a circular available on the website of the apex bank, the changes announced by CBN include:

  • 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.”
  • Reintroduction of the ‘Willing Buyer, Willing Seller’ model at the I&E window. All eligible transactions are permitted to access foreign exchange at this window.
  • Operational rate for all government related transactions shall be the weighted average rate of the previous day’s executed transactions at the I&E window, rounded to two decimal places.
  • Proscription of trading limits of oversold FX positions with permission to edge to edge short positions with OTC futures. Limits on overbought positions shall be zero.
  • Reintroduction of order-based two way quote, with bid-ask spread of N1. 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.
  • Operational hours of trade shall be from 9am to 4pm, Nigerian time.
  • Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme with effect from 30, June 2023.

Source: CBN announces changes to operations in FX market – StocksWatch (

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