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It appears the Abokis and the Bureau de Change could be the biggest losers from this new policy.
13 things to know about Nigeria’s new forex policy
The Vetiva analysts added: Now that the news is official, we expect a knee-jerk reaction to push equity and fixed income markets higher in the coming sessions, pending the unveiling of the new framework by the CBN. Overall, we view this development as positive for Nigeria. The Lagos Chamber of Commerce and Industry, LCCI, yesterday, applauded the Central Bank of Nigeria CBN for its new foreign exchange rate policy but demanded that the bank should clarify what it described as a special window for critical transactions for which preferential rates will apply.
It could pose a risk to the entire system. We would like to be assured that the window for the critical transactions will be managed transparently and in a manner that will not create distortions in the economy.
Need for clarity on what the CBN describes as a special window for critical transactions for which preferential rates will apply. We would like to caution against possible abuse and distortions that such a window could create. And the owners of such funds should have unhindered access to their funds. The apex bank has been under immense pressures from the International Monetary Fund, IMF, some financial analysts and interests that represented foreign investors to devalue the Naira.
The Buhari administration has until now resisted the calls, explaining that being an import-dependent nation, it did not see how such a strategy would benefit the economy. In fact, it argued that the Nigerian economy would be worse off with a further devaluation of the Naira.
Emefiele said the economy had been weakened to the point of contraction which was aggravated by the delay in the passage of the budget that should have provided the needed fiscal stimulus. The decision by the MPC to embrace flexible option for the interbank market is laudable and this is indicative of much more relief for the overheated forex market.
With the reintroduction of flexible foreign exchange market, we expect, in due time, to see more forex inflow through diaspora remittances and foreign investment. We opine that the small window for funding critical transaction being proposed by the CBN should be limited to government transactions only, especially in the area of infrastructure development.
Most of the bankers that spoke to Vanguard appear unsure of what the market direction would be today or this week in respect of foreign exchange trading. David Adepoju, said bankers would not trade outside the existing policy as CBN had not rolled out the details of the new policy. According to him, if the apex bank allocates foreign exchange on the basis of the existing policy which fixed exchange rate at between N and N to USD1 the banks would stay on that official rate.
However, a treasurer in one of the banks told Vanguard that from today, there would be dual rates in the banks where the official rate might persist on foreign exchange supplied by CBN at the official rate, while independently sourced foreign exchange would trade at market rate ranging from N to about N to USD1.
Previous Post Pipeline bombing: In other words, if the interbank is trading at N, banks will sell for as high as N All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.
What this means is that commercial banks will sell to customers who wish to travel for business or personal trips when they present the necessary document, which includes their passport, visa, and tickets. However, the CBN failed to mention how much these travellers are entitled to for their trips. With this new policy, all banks that do not have an outlet in the airport may not sell to customers at the airport.
This would also apply to customers seeking to make payments, or purchase foreign exchange, for medical bills and paid directly to hospitals. This means that by just being a sponsor you can have access to Forex to pay for school fees. The bank will make the payments directly to the bank account of the school or hospital.
This means that the CBN will still give the manufacturing sector a strong priority during allocation of Forex but the rule on From all indications the gainers of this policy are going to be the commercial banks and travellers, which includes those going on both business and personal trips.
Travellers will have access to the Forex easily and will not have to queue, lobby or wait for the money needed for their trips. Commercial banks in Nigeria will likely become royalty.
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