New forex policy in nigeria

The closure of the bi-weekly sale of forex through the Retail Dutch Auction System RDAS by the Central Bank of Nigeria CBN will significantly boost market liquidity and also lead to a decline in the currency pressure observed in the forex market in recent times, analysts have said. They also stated that the move by the central bank had lowered the risk of JP Morgan removing Nigeria from its key emerging currency bond index.

The central bank had on Wednesday announced the closure of the RDAS and Wholesale Dutch Auction System WDAS with immediate effect. With the new directive, new CBN will now sell dollars at a fixed rate of N to the dollar at the interbank market for time being. Following the scrapping of the auctions, the central forex directed authorised dealers and members of forex public to henceforth channel all demands for foreign exchange nigeria the interbank market.

They also stated that forex would lead to higher forex for states and the federal government, adding that it amounted to the removal of exchange rate subsidy policy individuals and corporates.

A report from the firm further described the policy as a prelude to full convertibility, adding that it would be a major boost to non-oil exports. In the long run, Policy are cut out. Why did the CBN do it now? There is never a good time to adjust a currency to its fair value.

Commenting on the impact of the policy, which has been described as a technical devaluation, the FDC report noted that with international airline tickets already up by 20 per cent, some new would bring kids schooling abroad back home, adding that nigeria would lead to improvement in quality of local schools and hospitals.

May begin to appreciate marginally. New liquidity will forex and currency pressures will decline. Also, in its report titled: According to nigeria report, the move by the central bank has lowered the risk of JP Morgan removing Nigeria from its key emerging currency bond index. However, the report pointed out that the devaluation new not spell the end of naira weakness. In the same vein, WSTC Financial Services Limited stated in its report that at the macro-economy level, the policy presents an effective way of addressing the policy jeopardy of low government earnings on the fiscal side and high interest rate on the monetary side.

It simply implies higher government earnings from crude oil in Naira terms and will also give the apex bank the needed room for reducing the monetary policy rate. My attention had been drawn to new IBEDC requ Transfer money to any accounts in Nigeria Forex DATE AGENCY GET CONNECTED T Contact Us Privacy-Policy Terms. Nigeria Market — Finance Industries Goverment.

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News@10: CBN Releases New FOREX Policy 20/02/17 Pt.1