2016-06-24 | FMD/DIR/GEN/07/001

Externalisation of Differentials on OTC FX Futures Contracts for Foreign Portfolio Investors

The Central Bank of Nigeria has issued a circular to all deposit money banks, outlining the requirements for the externalization of differentials on OTC FX futures contracts for Foreign Portfolio Investors. FPIs participating in the OTC FX Futures Market must present an OTC FX Futures Settlement Advice and a certificate of capital importation to facilitate the externalization of settlement amounts. Requests for repatriation of settlement amounts that do not meet these requirements should not be processed by Nigerian banks.

Nigeria

Central Bank of Nigeria

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