Discontinue forex placement for BDC operators in Nairobi

According to the News Agency of Nigeria (NAN), the seminarCurrency exchange management and economic disparity in Nigeria’s ‘PAVE’ option”As a theme.

“As a result of our demand management policy, Naira has stabilized the integration of CBN and NAFEX prices in the I&E window, especially after the FX allocation for Office D change operators.

“Banks are able to meet the needs of their clients for SMEs, school fees, medical and PTAs forex.”Said Empress.

He said the bank has set up an I&E window for investors and exporters to buy and sell FX at market price.

According to a CBN report, In 2021, the Naira maintained relative stability at N411.50 / US $ in August but declined to N414.33 / US $ in December 2021.

In February 2022, the exchange rate depreciated to N416.98 / US $.

CBN has been operating a floating exchange rate system for some time.

In an effort to stabilize the exchange rate in the system, it has sought to intervene in the market by providing foreign exchange.

Imfille lists other results obtained by CBN.

He said they would include cooperation with commercial banks to track down Nigerians who bought dollars by pretending to travel abroad.

“The Central Bank of Nigeria (CBN) has banned the sale of forex to bureaucrats operating in the country and has stopped selling forex to bureaucrats in Nigeria.

“The licenses of new BDCs have also been suspended. CBN has also introduced a ‘Naira 4 plan’ to encourage diaspora funding.

He said remittances were supported by the ‘Naira for Dollars’ program, adding that remittances were on the rise.

“It is heartening that these policies are yielding positive results in terms of meeting the real demand for foreign exchange and stabilizing the exchange rate,” he said.” there is.

Imfile Seminar continues to raise awareness among business editors and financial reporters about CBN policies and initiatives.

He said editors and financial reporters were expected to play a key role in creating public awareness for the success of the reform efforts.

He said the theme of the seminar was very important.

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