The Central Bank of Nigeria (CBN) has informed all authorised dealers and the general public of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market.
This will involve the unification of all segments of the forex market collapsing all previous windows into one.
The changes include “abolishing the segmentation of the FX market into different windows. All transactions will now be done through the Investors and Exporters (I&E) window, Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.”
With this collapse, applications for Business Travel Allowance and Personal Travel Allowance will be carried out at the official exchange rate at the I&E window, as determined by market forces.
