RegAlertRule · CBN · 15 Dec 2008 · BSD/DIR/CIR/GEN/VOL.02/018
Reduction in the Net Open Position of Banks
The Central Bank of Nigeria has approved a reduction of banks' foreign exchange Net Open Position (NOP) from 20% to 10% of shareholders funds, effective December 15th, 2008. Authorized Dealers must strictly comply with this limit in their daily foreign exchange transactions, or face appropriate sanctions.
09 61637804 09 61637802
Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/132 December 12, 2008 TO: All Authorised Dealers REDUCTION IN THE NET OPEN POSITION OF BANKS This is to inform all Authorised Dealers that after a careful review of the developments in the foreign exchange market, Management of the Central Bank of Nigeria has approved the reduction of the foreign exchange Net Open Position (NOP) of all banks from 20% to 10% of shareholders funds with effect from December 15, 2008.
For the avoidance of doubt, all Authorized Dealers are enjoined to ensure strict compliance with the advised limit in their daily foreign exchange transactions failing which appropriate sanction shall apply. H. A. SALAKO for: DIRECTOR TRADE & EXCHANGE DEPARTMENT
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
BNANotice No. 14/2019 of December 2 on Foreign Exchange Position LimitsAngola · 2019-12-02
SARBLimit on Effective Net Open Foreign-Currency Position and Unencumbered Assets for Foreign BranchesSouth Africa · 2009-02-06
BIBank Indonesia Regulation No. 7/37/PBI/2005 Second Amendment To Bank Indonesia Regulation Number 5/13/2003 Concerning The Net Open Position For Commercial BanksIndonesia · 2005-09-30
NBMRegulation on Banks' Open Foreign Exchange PositionMoldova · 1997-11-28
NBRMDecision on Managing the Currency RiskNorth Macedonia · 2009-07-10
More like this from CBN
We email you every new CBN publication the day it's published.
Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated
FX rules change often. Get an email the day any regulator we track changes its foreign-exchange rules.