2009-02-03 | TED-FEM-FPC-GEN-01-26-2009

Retail Durch Auction System (RDAS): sale of foreign Exchange by Oil and Oil Services Companies, NNPC, and Other Government Agencies

The Nigerian Governor, Bank of Nigeria, has issued a circular dated February 25, 2009, requiring oil and oil services companies, NNPC, NPA, NMA, Shippers Council, and other government agencies to sell their foreign exchange receipts only to the Central Bank of Nigeria (CBN). This change takes effect from February 26, 2009. The CBN will buy these foreign exchange receipts at a price no more than 1% below its immediate past selling price in the Retail Dutch Auction System (RDAS). This supersedes an earlier circular that allowed them to sell their foreign exchange receipts to Authorised Dealers. This is aimed at ensuring consistency with RDAS framework, avoiding leakages and abuses of foreign exchange utilization.

Nigeria

Central Bank of Nigeria

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