By: ThinkBusiness Africa
The Apex bank said it has finalized an updated foreign exchange (FX) Manual that will soon be released as part of a comprehensive effort to deepen market participation, improve transparency and boost confidence in the local currency–Naira.
Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said on Friday that the revised manual is a key component of ongoing reforms aimed at improving efficiency and governance within the FX market.
The manual is expected to set clearer rules, strengthen documentation processes, expand participation, and enhance surveillance across the electronic FX management system.
“To strengthen this framework further, we will shortly be unveiling the revised foreign exchange manual to expand market participation, tighten documentation standards, enhance EFMs surveillance and ensure consistency,” He said.
On Tuesday the CBN monetary policy committee retained the key interest rate at 27% after a 50 basis point reduction earlier in September, following months of disinflation and Naira stability.
According to CBN data, Naira posted a stronger performance this week at the official foreign exchange window, trading below the N1,450/$1 underscoring the effect of CBN’s FX reforms to stabilizing the local currency, as it holds steady two months after a rate cut.
