The Central Bank of Nigeria (CBN) has given the green light to the commercial, merchant, and non-interest banks operating in Nigeria to trade with tradeable foreign currencies deposited in dorm accounts created under the foreign currency disclosure, deposit, repatriation, and investment scheme which were not invested immediately.
The bank disclosed this in its recently approved guidelines for the implementation of foreign currency disclosure, deposit, repatriation, and investment scheme which is billed to commence on November 6, 2024.
The CBN explained that the foreign currency deposits being invested by the banks should be made available upon request by participants.
Furthermore, the apex bank noted that approved banks should provide monthly returns from the scheme no later than the 14th of the next month.
It stated, “CMNIBs may trade with any deposited ITFC not immediately invested by a participant, provided that the funds would be made available to the participant when…