The all in one import and export window provides room for mutually agreed rates among parties, the Central Bank of Nigeria has said.
In a thread of tweets on Friday, the Apex bank highlighted the advantages and features of the new I&E window it announced on June 15.
It said all eligible FX transactions in the market shall only be done via the I&E window, as all other windows cease to exist, adding that it functions by a willing buyer, willing seller system, “where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorized dealer.”
It added that BTA, PTA, Medical and school fees, among others shall continue to be accessed through banks at the prevailing exchange rates.
In addition, the CBN said there are no changes in the process for applying for FX.
The CBN proceeded to xplain government related transactions.
“These are transactions with Ministries, Departments and Agencies.
Order Based Two-Way Quotes
According to the CBN, order bases two-way quotes is a two-way quote trading system in which all transactions are traded back.
In addition, trading is visible to the entire market through the order book, which is an electronic trading system where demand can be matched to supply on any given trading day.
However, the bank said status quo remains on the 43 items which cannot access FX on the window.
“The status quo remains on the 43 non eligible items. The items are not permitted to be funded from he I$E window.”
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