Haruna Magaji

CBN bars interbank FX sales to bureaux de change

BUNDLES OF DOLLAR NOTESBUNDLES OF DOLLAR NOTES

Nigeria’s retail currency operators will not be able to buy dollars from the interbank market, the central bank said in unveiling new rules on Wednesday.

The central bank said it will operate a single market structure, abandoning its 16-month naira peg to the dollar which has overvalued the currency, and that it would participate in the currency market through interventions.

The central bank fixed trading positions for lenders at +0.5 percent/-10 percent of their shareholders’ fund.

Categories: BANKING
Haruna Magaji: Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - harunamagaji@financialwatchngr.com