Central Bank of Nigeria eases rules for bank dollar holdings
The foreign exchange trading positions banks can leave open increases from zero
The Central Bank of Nigeria has loosened its rules on buying and selling foreign exchange yesterday, which were responsible for a freeze in the forex trading market.
Under the new rules, banks will have 72 hours to use dollars bought in the interbank market before they must sell them back to the central bank, which is up from 48 hours previously.
Meanwhile, authorised FX dealers are now permitted to have open foreign exchange trading positions – up to 0.1% of their 'shareholders' funds'. The
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