2012-07-24 | TED.FEM.FPC.GEN.01.018.2012

Reduction of Foreign Exchange Net Open Position (NOP)Limit of Banks

The Nigerian Central Bank's Trade and Exchange Department announced on July 24, 2012 that the Monetary Policy Committee has decided to reduce the foreign exchange Net Open Position (NOP) limit of Authorised Dealer banks from three percent to one percent of net shareholders' funds. This reduction is effective immediately, and any non-compliance may result in sanctions including suspension from the foreign exchange market. This circular supersedes a previous notice on the same topic dated October 20, 2011.

Nigeria

Central Bank of Nigeria

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