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Nigerian naira on Tuesday sustain gained against the United States dollar and appreciated to 475 against the pound sterling at the parallel market as Central Bank of Nigeria introduced news forex rules at the official market segment.
The currency also maintained gain at 410 against the Euro at the black market segment.
At the official market, the naira also closed flat at 305.55 per dollar.
The Central Bank of Nigeria, CBN, in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku, said authorised dealers in the interbank should put only N1 spread on their transactions.
The statement added that “Authorised dealers shall not exceed their respective foreign currency trading position without approval of the CBN. Compliance with the FCTPL shall strictly be monitored by the CBN.”
“All interbank trades –spot, forwards, futures, option and swaps –that have an impact on an authorised dealer’s FCTPL are expected to comply with the rate reasonability standards.”
This development came as the Naira to dollar rate climbed to 372 at the parallel market and 305.55 at the interbank market on Monday.
The currency also maintained gain at 410 against the Euro at the black market segment.
At the official market, the naira also closed flat at 305.55 per dollar.
The Central Bank of Nigeria, CBN, in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku, said authorised dealers in the interbank should put only N1 spread on their transactions.
The statement added that “Authorised dealers shall not exceed their respective foreign currency trading position without approval of the CBN. Compliance with the FCTPL shall strictly be monitored by the CBN.”
“All interbank trades –spot, forwards, futures, option and swaps –that have an impact on an authorised dealer’s FCTPL are expected to comply with the rate reasonability standards.”
This development came as the Naira to dollar rate climbed to 372 at the parallel market and 305.55 at the interbank market on Monday.
