Nigeria: CBN Reduces Forex Trading Position of Banks to Zero Percent

Sunday — The Central Bank of Nigeria (CBN) has reviewed the foreign exchange trading position of banks and Bureau De Change operators (BDC's) from 1 percent to zero percent of shareholders' funds (SHF) unimpaired by losses.

In a circular signed by CBN's Director, Trade and Exchange Department, Olakanmi Gbadamosi, instructing banks to keep a net zero position for foreign exchange, the CBN explained that it took the decision because it has observed the recent developments in the foreign exchange market and its consequences on the stability of the exchange rates.

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