CBN Issues New Directive To All Nigerian Banks

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CBN Issues New Directive To All Nigerian Banks

The Central Bank of Nigeria (CBN) has ordered all banks in the country to publish details of all foreign exchange transactions on the Financial Market Dealers Quote (FMDQ) platform.

CBN Issues New Directive To All Nigerian Banks

The directive was contained in an email issued on Monday by the Managing Director/Chief Executive FMDQ, Mr. Bola Onadele.

The Apex Bank said “Banks should “update all trades irrespective of the exchange rate.

The statement read: “The CBN is very interested in credible price formation for the spot foreign-exchange market.

“It is also imperative for price discovery and liquidity assessment of our market, which are key to activate foreign portfolio investment flows”.

The statement also directed banks to publish all their so-called “off-line trades” on its trading system “within 30 minutes of execution of such transactions.”

Mean while the naira depreciated by 1.5 percent (N4.5) at the interbank foreign exchange market for spot transactions. From N305.25 per dollar at the end of transactions on Friday, the exchange rate for spot transactions dropped rose to N309.84 per dollar at the close of business yesterday.

But at the parallel market the local currency remained relatively stable as the parallel market rate stood at N376 per dollar.

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