CBN orders banks to publish all forex transactions on FMDQ

*As Naira sheds N4.5 in interbank

By Babajide Komolafe

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The Central Bank of Nigeria (CBN) has ordered banks to publish
details of all foreign exchange transactions on the Financial
Market Dealers Quote (FMDQ) platform.
Meanwhile the naira depreciated by 1.5 percent (N4.5) at the
interbank foreign exchange market for spot transactions. From
N305.25 per dollar at the end of transactions on Friday, the
exchange rate for spot transactions dropped rose to N309.84 per dollar at the close of business yesterday. But at the parallel market the naira remained relatively stable as the parallel market rate stood at N376 per dollar.
Announcing the directive of the CBN in an email to foreign
exchange dealers, Managing Director/Chief Executive FMDQ, Mr.
Bola Onadele said, “Banks should “update all trades irrespective
of the exchange rate.
“The CBN is very interested in credible price formation for the
spot foreign-exchange market. It is also imperative for price
discovery and liquidity assessment of our market, which are key to activate foreign portfolio investment flows”, he said
Banks should publish all their so-called “off-line trades” on its
trading system “within 30 minutes of execution of such
transactions,” according to a separate e-mail sent to dealers by
FMDQ on the same day. The naira fell 3.9 percent, the most since the devaluation, to 305.25 on July 22, the day after Onadele’s e-mails. It rose 2.9 percent to 296.75 by 2:38 p.m. in Lagos on Monday.
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Nigeria has struggled to attract foreign money into its bond and
equity markets since devaluing the naira by 30 percent on June
20, ending a 16-month peg of 197-199 per dollar, with
investors concerned the central bank was still controlling the
exchange rate. FMDQ started operations in 2013 and is chaired
by Sarah Alade, deputy governor of the CBN.

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