The Central Bank of Nigeria (CBN) has announced that commercial banks in the country can now trade with foreign currencies deposited by customers.
This new policy is designed to provide more flexibility in the foreign exchange market and encourage the use of foreign currencies within the banking system.
Under the new directive, banks will be allowed to offer foreign currency trading services, which could help ease the pressure on Nigeria’s foreign exchange reserves and improve liquidity in the market.
This move is expected to benefit businesses and individuals who need access to foreign currencies for transactions, especially for importers and exporters.
The CBN’s decision comes amid ongoing efforts to stabilize the Nigerian economy and address challenges related to the foreign exchange market, which has been impacted by fluctuating oil prices and the global economic climate.
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