L
LequteMan
Guest
The Central Bank of Nigeria has released a new directive, asking authorised dealers in foreign exchange to fund a newly opened special account in the central bank two days before the weekly auctions on Monday and Wednesday.
The latest directive came one week after the CBN directed the authorised dealers to fund their current accounts within two working days before the Retail Dutch Auction System, where banks buy foreign exchange on behalf of their customers.
A signed circular by the Director, Trade and Exchange, Department, CBN, Mr. N. T. Igba posted on the bank’s website this weekend says “Further to the circular dated January 31, 2014 on the above subject matter, authorised dealers are hereby notified that a designated account named: ‘Authorised Dealers RDAS Account No: 1000011194’ has been opened in the CBN.
“Accordingly, authorised dealers are required to fund the account (inclusive of the one per cent commission) using the RTGS by the close of submission on every Thursday for Monday RDAS auction session, while funding for Wednesday auction session shall be done on Mondays.”
Two weeks ago, the CBN had removed the $250,000 weekly sales limit that the banks and other authorised dealers could sell to a Bureau de Change operator. It said the move was meant to curb the widening gap between the naira-todollar exchange rate in the official, BDC and parallel markets.
The latest directive came one week after the CBN directed the authorised dealers to fund their current accounts within two working days before the Retail Dutch Auction System, where banks buy foreign exchange on behalf of their customers.
A signed circular by the Director, Trade and Exchange, Department, CBN, Mr. N. T. Igba posted on the bank’s website this weekend says “Further to the circular dated January 31, 2014 on the above subject matter, authorised dealers are hereby notified that a designated account named: ‘Authorised Dealers RDAS Account No: 1000011194’ has been opened in the CBN.
“Accordingly, authorised dealers are required to fund the account (inclusive of the one per cent commission) using the RTGS by the close of submission on every Thursday for Monday RDAS auction session, while funding for Wednesday auction session shall be done on Mondays.”
Two weeks ago, the CBN had removed the $250,000 weekly sales limit that the banks and other authorised dealers could sell to a Bureau de Change operator. It said the move was meant to curb the widening gap between the naira-todollar exchange rate in the official, BDC and parallel markets.
