Nigeria's Central Bank directs commercial banks to deposit excess foreign currency in Lagos or Abuja to enhance foreign exchange market liquidity and align exchange rates.
Nigeria's Central Bank (CBN) has instructed commercial banks to deposit their excess foreign currency with its branches in Lagos or Abuja to improve liquidity in the foreign exchange market. Each bank is allowed a maximum daily deposit of $10m for $100 and $50 notes, and $1m for smaller denominations. The CBN aims to achieve convergence in the exchange rates of the parallel and official markets through this measure.
June 28, 2024
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