menu Home chevron_right
Uncategorized

Nigerian Central Bank Clears Matured FX Forwards for Select Banks

Sola Rogers | November 2, 2023

The Central Bank of Nigeria (CBN) has cleared matured foreign exchange (FX) forwards for select banks. This means that the banks have been paid the naira equivalent of the matured FX contracts.

The CBN began clearing matured FX forwards in July 2023. This was in response to a backlog of matured contracts that had built up over time. The backlog was caused by a shortage of FX liquidity in the country.

The CBN has said that it will continue to clear matured FX forwards in a phased manner. The bank has also said that it is committed to ensuring that all banks are able to access the FX they need to meet their obligations to their customers.

The clearing of matured FX forwards is a positive development for the Nigerian economy. It will help to improve liquidity in the FX market and boost confidence in the CBN.

Impact on businesses and individuals

The clearing of matured FX forwards is good news for businesses and individuals that have been waiting to receive their FX payments. It will allow them to import goods and services, pay for overseas travel and education, and invest abroad.

The clearing of matured FX forwards is also a positive signal for foreign investors. It shows that the CBN is committed to fulfilling its obligations and that the Nigerian FX market is becoming more transparent and efficient.

Overall, the clearing of matured FX forwards is a positive development for the Nigerian economy. It will help to improve liquidity in the FX market, boost confidence in the CBN, and benefit businesses and individuals.

Written by Sola Rogers

Comments

This post currently has no comments.

Leave a Reply






  • play_circle_filled

    Livestream

  • cover play_circle_filled

    01. Weakness
    Dj Kentha

    add_shopping_cart
  • cover play_circle_filled

    02. Dreams
    Primal Beat, Grover Crime

    add_shopping_cart
  • cover play_circle_filled

    03. Prefekt
    Kenny Bass, R. Galvanize

    add_shopping_cart
  • cover play_circle_filled

    04. Surf
    Primal Beat, Kelsey Love

    add_shopping_cart
  • cover play_circle_filled

    05. ElementD
    J PierceR, Gale Soldier, Dixxon

    add_shopping_cart
  • cover play_circle_filled

    #NewMusicFriday|National Grid Collapses| CBN raises bank’s capital requirement|Lagos-Calaber Coastal Rd
    Kenny Bass

play_arrow skip_previous skip_next volume_down
playlist_play