Regulatory Alerts2011-10-10 | TED.FEM.FPC.GEN.01.019Added · Updated
Reduction of Foreign Exchange Net Open Position (NOP) of Banks
The Central Bank of Nigeria has reduced Authorized Dealers' Net Open Position (NOP) from 5% to 1% of net shareholders' funds, with immediate effect from October 14th. Banks with negative shareholders' funds must maintain zero NOP and not hold a position at closing. Authorized Dealers are also prohibited from accessing the WDAS and SLF on the same day. Non-compliance may lead to suspension from the foreign exchange market.
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