Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/012
Title: Removal of the spread on Foreign Exchange Transaction
Summary: Financial institutions are requested to remove the spread on foreign exchange transactions and the restrictions on the sale of interbank proceeds in order to promote a market-based price discovery system. They are to conduct their foreign exchange transactions on a "Willing Buyer and Willing Seller" basis and adhere to high ethical standards in their dealings, including appropriate price disclosures and transparency. All executed transactions must be immediately recorded on relevant treasury systems and reported to market authorities.
Posted on: Thursday, February 8, 2024
Download: FMD/DIR/PUB/CIR/001/012