2014-12-18 | TED/FEM/FPC/GEN/01/029

Utilization Of Funds Purchased From The Interbank Foreign Exchange Market By Authorised Dealers/Customers (UPDATED)

The Trade and Exchange Department issues a circular to authorized dealers and the public, stating that funds purchased from the autonomous/interbank foreign exchange market must be used within 48 hours or returned to the CBN for repurchase. This measure, along with the requirement for banks to maintain zero percent of shareholder funds as a foreign exchange trading position, aims to regulate the foreign exchange market. Non-compliance will result in sanctions, including potential suspension from the market.

Nigeria

Central Bank of Nigeria

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