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Business CBN Prohibits Nigerian Banks From Selling USD to BdCs at Interbank Market


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The Nigerian naira has been plummeting for months and the Central Bank of Nigeria is doing all it could to curb this fall. As a result, it has ordered commercial banks in the country to stop selling its intervention funds to authorized buyers at the interbank market. This will also sanitize the operations of the forex market, ThisDay reports:


As part of measures to strengthen the naira as well as to sanitise the operations of the forex market, the Central Bank of Nigeria (CBN) has barred commercial banks (authorised dealers) from selling its interventions funds in the interbank market to authorised buyers such as Bureaux de Change and hotels.

The central bank stated this in a circular with reference number TED/FEM/FPRB/GEN/01/020, dated October 28, 2014 obtained yesterday.

The CBN also directed that funds purchased through its interventions at the interbank market should be utilised within two working days of delivery, at a rate not more than 10 kobo above the purchase rate.
The CBN circular also directed that unutilised funds within two days of delivery should be returned to the Bank at the original purchase rates.

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#Nigeria #CBN #Naira #USD

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