CBN reviews foreign currency trading positions

The Central Bank of Nigeria (CBN) has reviewed the daily foreign currency trading positions of banks.
This is contained in a circular issued by CBN’s Trade and Exchange Department, posted on its Website on Tuesday.
The bank said that foreign exchange bought either from autonomous or interbank market if not utilised should be returned to CBN.
The circular entitled: “Daily Foreign Currency Trading Positions of Bank and Period for Utilisation of Funds” was issued to all authorised dealers.
According to the apex bank, the circular takes immediate effect.
The circular directed all authorised dealers to maintain 0.1per cent maximum open limit of their Shareholders’ Fund (SHF) at close of each business day.
Besides, it asked banks to utilise funds purchased from the autonomous/interbank foreign exchange market within 72 hours from the value date.
It said that unutilised funds must be returned to the CBN for re-purchase at the bank’s buying rate.
The circular urged dealers to ensure strict compliance.