…promise to promote transparency and credibility in the Forex market
The Central Bank of Nigeria CBN has vowed that it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market by making sure market forces determine the exchange rate on the Willing Buyer- Seller principle
The bank in a press statement signed by Dr. Isa AbdulMumin, Director, Corporate Communications, reiterated that the prevailing exchange rates should be referenced from platforms such as CBN websites, FMDQ, and another recognised or appointed trading system to promote transparency, price discovery and credibility in the forex rate.
The apex bank said as part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Markets through interventions from time to time. “As market liquidity improves, CBN intervention will gradually decrease.”
“Importers of all the 43 items restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.”
The CBN stated that it’s committed to accelerating efforts to clear the backlog with existing participants and will continue to dialogue with stakeholders to address the issue
It stated: “CBN has set as one of its goals the attainment of a single foreign exchange market. Consultation is ongoing with market participants to achieve this goal”
It advised that participants and the general public are to be guided by all of the above.
