The Central Bank of Nigeria (CBN) on Monday reviewed upward the daily foreign currency trading positions of banks from zero per cent to 0.1 per cent.
In addition, banks are now required to utilise funds purchased from the autonomous foreign exchange market within 72 hours instead of 48 hours.
The central bank gave the directives in a circular titled: “Daily Foreign Currency Trading Positions of Banks and Period for Utilisation of Funds,” dated June 12, 2015, a copy of which was posted on its website.
Press: Thisday
”Corrections” are welcomed but at that level it only adds to existing FEAR.