CBN directs authorized dealers to involve corporate participation in forex trading

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CBN directs authorized dealers to involve corporate participation in forex trading

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Authorized dealers are enjoined by the Central Bank of Nigeria (CBN) to encourage corporate participation in forex trading.This order, which takes immediate effect, was contained in an official document sent out by CBN’s Director of Financial Markets Department, Dr Alvan Ikoku.This according to the national bank is to give space for corporate bodies’ participation in the FMDQ foreign exchange trading system.The directive would assist in easy movement of activities of Investors and Exporters foreign exchange window in the FMDQ trading system.CBN also stated its objective is to deepen the market, and that it is working for its achievement.The bank posited that the drive is an effort aimed at developing the forex market.“The CBN, in its efforts to further develop the Nigerian FX market, continues to embark on initiatives that serve to improve the FX market structure,” it said.

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