By Dipo Olowookere
The recently review manual for the foreign exchange (forex) market in the country took effect on Wednesday, August 1, 2018.
This was confirmed by a circular signed by the acting Director in charge of Trade and Exchange Department of the Central Bank of Nigeria, Mrs F O Okonji.
Recall that as part of a deliberate programme for the liberalization of the Foreign Exchange Market, the central bank in 2006 undertook a review of the Foreign Exchange Manual to incorporate policy changes that had taken place since its introduction in 1995 pursuant to the powers vested on the CBN via the provisions of Act 17 section 1 (2) of 1995, LFN Cap F34.
However, contemporary developments have since made the existing provisions of the manual inadequate, resulting in the need to update the document.
In the circular, the apex bank explained that “changes introduced in this revised Foreign Exchange Manual are intended to streamline documentation requirements, enhance transparency of transactions and engender compliance by stakeholders.”
“In view of the above, the provisions of the revised Foreign Exchange Manual shall take effect from August 1, 2018,” Mrs Okonji stated.
