Regulatory Alerts2015-01-21 | TED/FEM/FPC/GEN/01/002Utilization of rDAS and Interbank Funds/Review of the Foreign Exchange Trading Positions of Banks
The Central Bank of Nigeria is informing authorized dealers that rDAS and interbank funds are to be used solely for funding Letters of Credit, Bills for Collection, and other invisible transactions, with proper documentation. The CBN will continue its weekly forex sales to BDCs based on market liquidity needs, and the Net Foreign Exchange trading position has been increased to 0.5% of the "shareholder's fund" unimpaired by losses. Strict compliance with these directives is expected.
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