Apex bank to ease restrictions on forex trade

The Central Bank of Nigeria (CBN) is set to relax restrictions on foreign-exchange trading in the country.

In light of this, the CBN has begun discussions with banks and currency dealers, Punch reports.

According to Bloomberg, the Financial Markets Dealers Association (FMDA) has put together a proposal which will likely be presented to the regulator this week.

The association is expected to suggest ways to increase trading and liquidity in the foreign-exchange market, while also avoiding speculative demand that might lead to a decline of the naira.

The CBN has already spent a sum of $4.7 billion this year to defend the Naira from further decline.