In coming to grasp with policy optionsfor taming the challenge of multiple exchange rates, CBN must plug Parallel Market Fx demand.
CBN must, therefore, address three policy planks to further support Fx rate convergence and achieve a realistic value of the naira. The first is that CBN must transform from being a supplier to being a trader in the market. It should actively take positions in NAFEX aimed at signaling market direction. It needs to establish Fx trade lines with international financial institutions, allowing her greater access to liquidity and trade volumes.
The ban was preceded by a CBN policy issued mid-May capping cash deposits into domiciliary accounts at $5,000 per bank customer monthly. The policy also contained restrictions regarding outward foreign currency transfers funded by cash lodgments and inter-account foreign currency transfers.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Enugu traditional rulers council outlaws girl child marriageMr Agubuzu said the council condemned all forms of violence against women and girl child.
Read more »
BREAKING: Chelsea Complete £98m Lukaku Move From InterChelsea have completed the signing of Romelu Lukaku from Inter for £98 million ($136m), with the Belgian striker returning to Stamford Bridge for a second
Read more »
Tammy Abraham considers Roma move after Lukaku's arrival at Chelsea - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »
Sergio Ramos asks Messi to leave hotel after completing PSG moveSergio Ramos has asked his new Paris Saint-Germain teammate, Lionel Messi and his family, to move in with him. Messi completed his move to the Ligue 1
Read more »
Taekwondo: Nigeria’s Anyanacho Moves Up 23 Places On World RankingsNigeria’s promisingTaekwondo star, Elizabeth Anyanacho, has taken a massive leap in the new world rankings released by World Taekwondo ruling body, moving
Read more »
4,528 Nigerian doctors moved to UK in six years – CouncilBetween 2015 and July 2021, a total of 4,528 Nigeria-trained medical doctors have moved to the United Kingdom to practise.
Read more »