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Central Bank of Nigeria To Release New foreign Exchange Guidelines on Wednesday

CBN

Today, June 14th 2016, The Central Bank of Nigeria (CBN) announced via its Twitter account that it will release new foreign exchange guidelines on Wednesday, June 15, 2016.

This revelation was posted on the social networking site at around 7:35pm on Tuesday evening.

CBN Tweet is captioned below:

“CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, 2016,” the bank said.

We can recall that at its meeting in May, the CBN monetary policy committee (MPC) recommended that the bank consider a flexible exchange rate system and later the bank said it was going to open a critical exchange rate window to allow inflow of foreign exchange, unveiling a list of verified bureau de change operators in the country.

At the time in May, Governor of the Centre Bank of Nigeria commented saying;

“The Committee expressed concern over sustained pressure in the foreign exchange market and the necessity of implementing reforms to engender greater flexibility of rate and transparency in the operation of the inter-bank foreign exchange market,”

“Accordingly, the Committee noted that it was time to introduce greater flexibility in the management of the foreign exchange market.”

In conlusion, it can be said that All share index (ASI) eventually closed on a 5-month high at 28,260 points as Nigerian Stock Exchange (NSE) reacted positively to the MPC decisions, with the all share index (ASI) rising from 27,232 on Tuesday to 28,164 at 2pm on Wednesday.

 

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