The Central Bank of Nigeria has issued guidelines to banks on implementing the free foreign exchange deposit window announced by the Federal Government recently.
The guidelines released by the CBN on Tuesday provided the modalities for the participation of commercial, merchant, and non-interest banks in the scheme.
The notice of the scheme guidelines, which takes effect from Wednesday, was jointly signed by the acting Director of the Financial Policy and Regulation Department, John Onojah, and the acting Director of the Banking Supervision Department, Adetona Adedeji.
According to the document ‘Guidelines On Implementation Of The Foreign Currency Disclosure, Deposit, Repatriation, And Investment Scheme, 2024,’ banks are at liberty to trade with the forex made available by scheme participants.
“Commercial, merchant, and non-interest banks may trade with any deposited ITFC (Internationally Tradable Foreign Currencies) not immediately invested by a participant, provided that the funds would be made available to the participant when needed.
“Interest payment by CMNIBs on the balance in the designated domiciliary account shall be in line with relevant provisions of the Guide to Charges by Banks and Other Financial Institutions in Nigeria,” part of the guidelines read.
