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CBN’s revised foreign exchange manual takes effect Wednesday

Uncertainty beclouds West Africa's single currency deadline

The Central Bank of Nigeria (CBN) said its newly updated Foreign Exchange Manual for authorized dealer banks and other stakeholders in the foreign exchange market would take effect from Wednesday, August 1, 2018.

The revised manual would enable the stakeholders to comply with the rules and regulations guiding transactions in the market more effectively.

In a statement on Monday, CBN stated that the provisions of the revised Foreign Exchange Manual is aimed at enhancing transparency of transactions.

Read also: Abuse Naira and go to jail, CBN tells Nigerians

The apex bank said the updated version became necessary owing to the contemporary developments which made existing provisions of previous manual inadequate.

“Changes introduced in this revised Foreign Exchange Manual are intended to streamline documentation requirement, enhance transparency of transactions and engender compliance by stakeholders,” the statement read.

The bank regulator has been reviewing the foreign exchange manual from time to time to amend regulations governing stakeholders in the market.

In 2006, the CBN had undertaken a review of the Foreign Exchange Manual to incorporate changes that had taken place since its introduction in 1995.

By Oluwasegun Olakoyenikan

 

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