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CBN meets bankers to discuss forex policy

19 June 2015, 11:13 Okoro Chinedu

Lagos - The Central Bank of Nigeria (CBN) looks likely to increase some rates and address liquidity concerns when it meets captains of the banking industry later on Friday.

CBN has asked the country’s commercial bank chief executive officers and treasurers to gather in Abuja to discuss its foreign exchange policy.

A similar meeting, held earlier this year, occasioned an increase in the maximum net open position (NOFP from 0,1 percent to 0,5 percent.

Also Read: CBN workers' bail application rejected

“Like measures might be enacted, following the Bank’s consultation this week, to ease liquidity conditions in a seemingly cash-strapped market,” Rand Merchant Bank Global Markets said ahead of the meeting.

The think-tank said an increase in the NOFP could glean good will from J.P. Morgan if daily trading volumes improved, allowing Government Bond Index-Emerging Markets (GBI-EM) index positions to be more easily replicated.

“However, a surge in transactions depends on whether the interbank market is willing to trade at the CBN’s quoted rate of US$/Naira 196,50,” RMB stated.

- CAJ News

Tags cbn banking

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