CBN Introduces New Foreign Exchange Policy.

In what appears to be a step towards a flexible exchange rate, the Central Bank Of Nigeria (CBN) today introduced a new foreign exchange policy. Here are the highlights of the policy:

• The CBN is providing additional funding for travel, school fees and medical bills. Such payments will be made
  directly to the institutions involved.
• The tenor of its forward sales has been reduced to a maximum of 60 days from 180 days.
• The CBN has directed banks to open foreign exchange retail outlets at major airports.
• .Rules regarding allocation/utilization of foreign exchange will no longer be imposed on banks.

Get the CBN New FX Policy