The Central Bank of Nigeria (CBN) has officially acknowledged alterations in the foreign exchange market.
Angela Sere-Ejembi, the Director of Financial Markets, has confirmed these changes in a statement released on Wednesday night.
Angela noted that: “The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market: 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.”
“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced.”
More details to follow…
