Finally, CBN to release new forex guidelines on Wednesday

The Central Bank of Nigeria (CBN) says it will release new foreign exchange guidelines on Wednesday, June 15, 2016.

The apex bank took to its Twitter account to make the revelation on Tuesday night.

“CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, 2016,” the bank said.

At its meeting in May, the CBN monetary policy committee (MPC) recommended that the bank consider a flexible exchange rate system.

The bank then said it was going to open a critical exchange rate window to allow inflow of foreign exchange, unveiling a list of verified bureau de change operators in the country.

“The Committee expressed concern over sustained pressure in the foreign exchange market and the necessity of implementing reforms to engender greater flexibility of rate and transparency in the operation of the inter-bank foreign exchange market,” Godwin Emefiele, governor of the bank, had said back in May.

“Accordingly, the Committee noted that it was time to introduce greater flexibility in the management of the foreign exchange market.”

The Nigerian Stock Exchange (NSE) reacted positively to the MPC decisions, with the all share index (ASI) rising from 27,232 on Tuesday to 28,164 at 2pm on Wednesday.

All share index (ASI) eventually closed on a 5-month high at 28,260 points.