2024-02-09 | FMD/DIR/PUB/CIR/001/012

Removal of the spread on Foreign Exchange Transaction

The Central Bank of Nigeria has removed the cap on the spread of interbank foreign exchange transactions to promote a market-based price discovery system. Authorized dealers are to operate on a "Willing Buyer and Willing Seller" basis and maintain high ethical standards, including price transparency. All transactions must be immediately recorded and reported to market authorities.

Nigeria

Central Bank of Nigeria

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