In what appears to be a step towards a flexible exchange rate, the Central Bank Of Nigeria (CBN) today introduced a new foreign exchange policy. Here are the highlights of the policy:
- The CBN is providing additional funding for travel, school fees and medical bills. Such payments will be made
directly to the institutions involved. - The tenor of its forward sales has been reduced to a maximum of 60 days from 180 days.
- The CBN has directed banks to open foreign exchange retail outlets at major airports.
- .Rules regarding allocation/utilization of foreign exchange will no longer be imposed on banks.
Get the CBN New FX Policy
