These were some of the deliberations reached at a meeting with the bankers’ committee on Sunday.
The meeting was meant to provide further guidance to deposit money banks (DMBs) on the recent operational changes to the foreign exchange market and to discuss the implementation and implications of the policy changes for the banking public.
According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.
Some of the key points of the guidance include, that all visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.
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