CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market

Thursday, December 18, 2014 6.20PM/CBN

Further to our Circular Ref: TED/FEM/FPC/GEN/01/020 of October 28, 2014, which required all authorized dealers to utilize CBN intervention funds within 48hours of delivery, we write to inform all authorized dealers and the general public that with effect from the date of this circular, funds purchased by Banks/Customers at the interbank foreign exchange market must also be utilized within 48 hours from the date of purchase, failing which they should be returned to CBN for repurchase at the Bank's buying rate.

Any observed case of infraction of this circular, in any way whatsoever, will attract appropriate sanction, which may include suspension from the foreign exchange market.

Please ensure strict compliance.