Central Bank Of Nigeria CBN releases fresh guidelines for forex dealers

new 75 per cent hike of the Cash Reserve Requirement on public sector funds.

Analysts had said some banks would find it difficult to meet their customers’ demand for foreign exchange at the RDAS due to the CRR hike.

Concerned by the disparity in the value of the naira, among other things, the CBN had at its first Monetary Policy Committee meeting this year, assured Nigerians that it would address the foreign exchange supply imbalance to the BDCs.

The central bank had expressed concern that while the official rate of the naira opened with N157 to the dollar in 2013, it closed at N157.6, but the rate at the BDC was different as it closed at N170 to the dollar from an opening position of N159.5, a depreciation of over seven per cent.

 

 

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