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Home ยป CBN removes cap on interbank foreign exchange transactions
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CBN removes cap on interbank foreign exchange transactions

OsunDailyBy OsunDailyFebruary 9, 2024No Comments1 Min Read
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Otukpo robbery: CBN directs banks to open from 8am to 2pm in Benue
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The Central Bank of Nigeria, CBN, has removed the spread on Foreign Exchange Transactions.

This was contained in a statement from the Central Bank of Nigeria Financial Markets Department, signed by Duke Omolara Omotunde.

The statement sent to all authorised dealers and dated February 8, 2024, was titled โ€˜removal of the spread on Foreign Exchange Transactionsโ€™.

It said a key objective of the ongoing foreign exchange market reforms by the CBN is to promote a market-based price discovery system.

โ€œConsequently, the Bank hereby discontinues any cap on the spread of interbank foreign exchange transactions and restrictions on the sale of interbank proceeds.

โ€œAuthorized Dealers are to continue to conduct their foreign exchange transactions on a โ€˜Willing Buyer and Willing Sellerโ€™ basis.

โ€œIn addition, they are to strictly adhere to high ethical standards in their dealings in the foreign exchange markets.

โ€œThis includes but not limited to adopting appropriate price disclosures and transparency for transactions. Please note that all executed transactions are to be recorded immediately on the relevant treasUry systems and reported to market authorities as stipulated,โ€ the statement advised.


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Cap CBN Exchange Foreign interbank Removes Transactions
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