/ 27 October 1999

NIGERIA OPENS UP FOREX

THE Central Bank of Nigeria on Monday said oil companies are free to sell their foreign exchange in the open market. The statement came just as the bank announced the commencement of a daily forex sale. Before now, only the CBN could buy forex from oil companies. “With effect from October 25, 1999, oil companies operating in Nigeria shall be allowed to sell such foreign exchange to any bank of their choice, including the CBN,” the CBN said in a circular to oil companies and banks here. The CBN said it has reviewed the regulation that requires oil companies to sell forex only to it, adding that commercial and merchant banks and other users can now buy forex directly from the oil companies.