The Central Bank of Nigeria
(CBN) on Monday formally flagged off the Naira Settlement Foreign Exchange
Market.
A statement from the CBN
said the CBN Governor, Mr. Godwin Emefiele, expressed delight that the foreign
exchange market in Nigeria has attained the position where participants in
Nigeria can settle foreign exchange futures transactions in Naira.
According to Emefiele, who
was represented by the Special Adviser, Financial Market, Mr. Emmanuel Ukeje,
“this product is novel in Nigeria and it gives comfort regardless of the price
at which you have quoted to buy foreign exchange in Nigeria. “In the same vein,
the product is also expected to provide relief to Nigerians seeking Dollars to
import critical machinery and raw materials from abroad as they can now lock-in
their foreign exchange deals in earnest against their future demands,” the
statement said.
He reaffirmed the commitment
of the apex Bank to ensure the success of the new foreign exchange market
structure and also promised to honour all obligations arising from future
deals.
In his speech at the event,
the Managing Director of the Financial Market Dealers Quote (FMDQ), Bola
Onadeko urged the regulators of the financial markets to strive for the success
of the new foreign exchange initiative by ensuring desired liquidity.
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