Cbn new directive on forex sales

You're referring to the recent directive by the Central Bank of Nigeria (CBN) on foreign exchange sales.

On July 15, 2022, the CBN issued a new directive on foreign exchange sales, which aims to improve the management of foreign exchange transactions in Nigeria. The directive is aimed at promoting transparency, efficiency, and stability in the foreign exchange market.

Here are some key highlights of the new directive:

  1. New FX Sales Window: The CBN has introduced a new FX sales window, which will be used to sell foreign exchange to authorized dealers and other eligible customers. The window will be open from Monday to Friday, and the sales will be conducted through a bidding process.
  2. Bidding Process: Authorized dealers and other eligible customers will be required to submit bids for foreign exchange sales through the CBN's online platform. The bids will be evaluated based on certain criteria, including the customer's foreign exchange requirements, the purpose of the transaction, and the customer's creditworthiness.
  3. FX Sales to Authorized Dealers: The CBN will sell foreign exchange to authorized dealers at a rate that is not more than 2% above the interbank rate. The authorized dealers will then sell the foreign exchange to their customers at a rate that is not more than 5% above the interbank rate.
  4. FX Sales to Other Eligible Customers: The CBN will also sell foreign exchange to other eligible customers, such as importers of essential commodities, at a rate that is not more than 5% above the interbank rate.
  5. FX Sales to Travelers: The CBN has also introduced a new FX sales window for travelers, which will allow them to purchase foreign exchange at a rate that is not more than 2% above the interbank rate.
  6. FX Sales to Small and Medium-Sized Enterprises (SMEs): The CBN has introduced a new FX sales window for SMEs, which will allow them to purchase foreign exchange at a rate that is not more than 3% above the interbank rate.
  7. FX Sales to Exporters: The CBN will also sell foreign exchange to exporters at a rate that is not more than 1% above the interbank rate.
  8. FX Sales to Other Eligible Customers: The CBN will also sell foreign exchange to other eligible customers, such as importers of essential commodities, at a rate that is not more than 5% above the interbank rate.

Overall, the new directive aims to promote transparency, efficiency, and stability in the foreign exchange market, and to ensure that foreign exchange is allocated to the most critical sectors of the economy.