· Market will operate as single market through the interbank
· FX Rate will be purely market-driven
· CBN will participate through periodic interventions
· FX primary dealers will be registered to deal directly with the CBN for large deal sizes. FX primary dealers will deal with other authorised dealers
· There will be no more spread restrictions
· The 41 items classified for not valid for FX are still not admissible in FX interbank market
· CBN may offer long-tenored FX forwards
· Selling of FX forwards must be trade backed with no pre-determined spreads
· OTC FX futures will be introduced. The OTC FX futures are bespoke and volumes could be non-standard
· Non-oil exporters are now allowed unfettered access to export proceeds via the interbank market
Timelines
· Guidelines of the general FX market will be released immediately
· Guidelines for FX primary dealers will be released immediately
· FX primary dealers will be appointed and notified by June 17, 2016
· Interbank FX trading under the new guidelines will begin on June 20, 2016
