blogger.com CENTRAL BANK OF NIGERIA Press Release New Policy Actions in the Foreign Exchange Market In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions Jun 15, · Godwin Emefiele, the CBN governor, announced the new policy on Wednesday, releasing the naira to float according to the push and pull of Apr 04, · The CBN’s New FX Policy & the Naira Since February 20, the Central Bank of Nigeria (CBN) has maintained a heavy & steady supply of dollars at both the interbank and parallel FX markets. The Bank has supplied over $ billion in both spot and forward sales at the interbank market, and Bureau de Change operators receive $ (FX sales to
What You Need To Know About The New CBN Forex Policy | Nairametrics
Nairametrics On Monday, 20th of Februarythe Central Bank of Nigeria the new cbn forex policy a new forex policy on its website. Just last week, the National Economic Council had requested for a review of the current forex policy citing the huge disparity between the official and parallel market rates.
This was after the CBN Governor, the new cbn forex policy, Godwin Emefiele or Emefailure as some will like to call him, made a brief presentation on Forex Policy options. Will the price drop or will it rise? The 41 banned items, the new cbn forex policy, are likely to still put pressure on the parallel market rates. The other more sinister implication is that, diversions and round tripping which banks are very good at doing will the new cbn forex policy. Commercial banks have never to be known to stick by the FX rules so we know those at the treasury departments of banks are already salivating.
They could as in the past, hoard forex and divert same to the black market. As such, it is likely that you go to the bank and they tell you they do not have forex. In terms of price, we expect the interbank rate to cross N by the end of this week or early next week. In fact, a target price of N is foreseeable as early as next week, the new cbn forex policy. It could strengthen further, provided the CBN meets its promise to sustain supply and banks ignore the temptation to divert to the black market.
The CBN is solving a problem we have long the new cbn forex policy, which is supply. However, until we float the disparity between the parallel and official rates will remain wide. N at the parallel market is not far-fetched. Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions.
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Home Opinions Blurb. What You Need To Know About The New CBN Forex Policy by Nairametrics. June 10, Share on Facebook Share on Twitter. Tags: Black Market Flexible exchange rate flexible exchange rate policy Manufacturing Naira float Zenith Bank News. Nairametrics Nairametrics is Nigeria's top business news and financial analysis website.
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New Policy on Foreign Currency by CBN
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blogger.com CENTRAL BANK OF NIGERIA Press Release New Policy Actions in the Foreign Exchange Market In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions Mar 21, · Forex Emeka Anaeto. As the battle to save the Naira from a free fall ensues, the Central Bank of Nigeria (CBN) has resumed a weekly rate regulation, with Estimated Reading Time: 2 mins Jun 15, · Godwin Emefiele, the CBN governor, announced the new policy on Wednesday, releasing the naira to float according to the push and pull of
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