The central bank of Nigeria (CBN) has jettisoned it’s original plan of dealing with ten FX primary dealers and has appointed 15 of its commercial lenders as primary forex dealers, as the naira tumbled 30 percent after it lifted its peg on the currency, traders said on Monday.
Stanbic IBTC Bank,
Standard Chartered Bank,
It will be recalled last week Wednesday that the Apex bank rolled out guidelines for primary dealers – banks that will play directly in the market – with conditions that they must have at least N200 billion in shareholders’ funds, N400 billion worth of forex assets and 40% liquidity ratio, although those who meet two of the requirements will qualify.
But in a revised set of guidelines last Friday, the CBN hrown the door open to other banks to participate even if they do not meet the criteria for the choice of 10.