- New directive aims to deepen the forex market and achieve rate convergence
- Banks can now deposit excess foreign currency notes at CBN branches in Lagos and Abuja
Lagos, Nigeria – The Central Bank of Nigeria (CBN) has modified the procedure for the deposit of foreign currency notes by banks, targeting the convergence of rates in the parallel and official markets. The CBN announced this change in a circular issued late Friday, aiming to boost liquidity and stabilize the foreign exchange market.
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