Cbn forex new policy cbn
You're referring to the recent changes in the foreign exchange (forex) policy by the Central Bank of Nigeria (CBN).
On July 27, 2022, the CBN introduced a new forex policy aimed at addressing the challenges in the foreign exchange market and promoting economic growth. Here are the key highlights of the new policy:
- Unification of Exchange Rates: The CBN has unified the exchange rates for all foreign exchange transactions, effective July 27, 2022. This means that all authorized dealers and bureaux de change will now operate at the same exchange rate, which is N415 per dollar.
- Increased Allocation to Bureaux de Change: The CBN has increased the allocation of foreign exchange to bureaux de change (BDCs) to 30% of the total foreign exchange available for sale. This is aimed at increasing access to foreign exchange for individuals and small businesses.
- Increased Allocation to Importers: The CBN has increased the allocation of foreign exchange to importers of essential goods and services, such as food, pharmaceuticals, and medical equipment. This is aimed at reducing the cost of imports and improving the availability of essential goods.
- Introduction of a New Foreign Exchange Window: The CBN has introduced a new foreign exchange window for the sale of foreign exchange to authorized dealers and BDCs. This window will operate at a rate of N415 per dollar.
- Increased Monitoring and Enforcement: The CBN has increased its monitoring and enforcement activities to ensure compliance with the new forex policy. This includes regular inspections of authorized dealers and BDCs to ensure that they are operating in accordance with the policy.
- Penalties for Non-Compliance: The CBN has introduced penalties for authorized dealers and BDCs that fail to comply with the new forex policy. These penalties include fines, suspension, or revocation of licenses.
Overall, the new forex policy is aimed at promoting economic growth, improving access to foreign exchange, and reducing the challenges faced by importers and exporters. However, it remains to be seen how the policy will impact the economy and the foreign exchange market in the long run.