New Circular: Banks To Deposit “Excess Forex” In Lagos, Abuja Branches Of CBN

The Central Bank of Nigeria (CBN) has introduced revised guidelines to allow Deposit Money Banks (DMBs) to deposit excess foreign currency notes at its branches in Lagos and Abuja in order to credit their offshore accounts with correspondent banks.

According to the apex bank, this move will deepen the foreign exchange market, boost liquidity, and align exchange rates between the parallel and official markets.

The decision comes in response to increasing demands from DMBs to streamline their forex cash management.

(SOURCE: Nairametrics)

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