Forex: CBN di­rects banks to ex­e­cute deals via sur­veil­lance sys­tem

Daily Trust - - BUSINESS - By Chris Agabi

The Cen­tral Bank of Nige­ria (CBN) has di­rected banks to ex­e­cute all For­eign Ex­change (FX) trades through the FMDQad­vised FX trad­ing, auc­tion and sur­veil­lance sys­tems.

The CBN gave the di­rec­tive in a cir­cu­lar Al­van Ikoku, di­rec­tor, fi­nan­cial mar­kets depart­ment, CBN on Fri­day.

It said with the ef­fect from Au­gust 1, 2016, all For­eign Ex­change (FX) re­lated trades by au­tho­rized deal­ers and cor­po­rate in­sti­tu­tions in the Nige­rian forex mar­ket, must ex­e­cute all trans­ac­tions through the FMDQad­vised FX trad­ing, auc­tion and sur­veil­lance sys­tems.

“There­fore all au­tho­rized deal­ers (i.e. banks) are to ex­e­cute all FX trades among them­selves, and with their clients (cor­po­rate in­sti­tu­tions) through FMDQ-ad­vised FX sys­tems. The de­ploy­ment of the FMDQad­vised FX sys­tems will only be to those cor­po­rates that have been screened and pre-ap­proved by FMDQ in line with its on­board­ing el­i­gi­bil­ity cri­te­ria” it said.

CBN urged all au­tho­rized deal­ers and cor­po­rate in­sti­tu­tions op­er­at­ing in the Nige­rian for­eign ex­change mar­ket to en­sure strict com­pli­ance.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.