Regulatory Alerts2009-01-15 | TED-FEM-FPC-GEN-01-007-09Added · Updated
Further Reduction in Forex Net Open Position (NOP) of Banks
The Central Bank of Nigeria has approved a further reduction of banks' foreign exchange net open positions (NOP) from 10% to 5% of shareholders funds, effective January 19th, 2008. All Authorized Dealers must strictly adhere to this limit in their daily foreign exchange transactions, or face appropriate sanctions. This change follows a previous circular on December 12, 2008, regarding the first reduction of NOP limits.
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