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LequteMan
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Nigeria's currency dealers are scheduled to have a meeting to discuss the country's new forex guidelines issued by the central bank on Thursday, Reuters reports.
The new policy is designed to relaunch the interbank market and make the naira more flexible, according to two senior bank treasurers.
The meeting, hosted by the association of currency dealers, the Financial Market Dealers Association (FMDA), will seek to determine trading spreads for the currency and circuit breaker.
The interbank market, which has been trading around a pegged rate for 16 months, is likely to start trading on Monday at a rate between the fixed rate of 197 and the black market rate of 370 to the dollar, a treasury source said.
The new policy is designed to relaunch the interbank market and make the naira more flexible, according to two senior bank treasurers.
The meeting, hosted by the association of currency dealers, the Financial Market Dealers Association (FMDA), will seek to determine trading spreads for the currency and circuit breaker.
The interbank market, which has been trading around a pegged rate for 16 months, is likely to start trading on Monday at a rate between the fixed rate of 197 and the black market rate of 370 to the dollar, a treasury source said.
