Central Bank of Nigeria modifies forex policy

Hauwa Noroh Ali, Abuja

The Central Bank of Nigeria has modified its foreign exchange policy with the reduction of the tenor of its forward sales from the current maximum cycle of 180 days to 60 days from the date of transaction.

The apex bank said this in a statement issued by the Acting Director of Communications, Mr. Isaac Okoroafor, in Abuja.

The bank in a bid to ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, directed all banks to open forex retail outlets at major airports as soon as logistics permit.

The CBN in the statement said the decision is part of efforts to further increase the availability of foreign exchange to all end-users.