Forex : CBN Bars Dealers From Selling To Authorised Buyers

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Further to the quest by the Central Bank of Nigeria (CBN) to sanitise the operations of the foreign exchange market in Nigeria, the bank has barred authorised dealers (Commercial banks) from selling CBN intervention funds in the interbank market to authorised buyers (Bureaux de Change and hotels).

In a circular -TED/FEM/FPRB/GEN/01/020, dated October 28, 2014, issued by the apex bank, it directed that funds purchased through the CBN interventions should be utilised within two working days of delivery, at a rate not more than 10 kobo above the purchase rate.

The CBN circular also directed that unutilised funds within two days of delivery should be returned to the bank at the original purchase rates.

 

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