CBN Calls Meeting Tomorrow With Banks on Forex Rules  … As Interbank Rate Sheds 41k, Reserves Slide Further 

The Central Bank of Nigeria (CBN) has called a meeting with chief executives and treasurers of commercial lenders on Friday to discuss issues surrounding its policy on the foreign exchange market, multiple banking sources told Reuters.
The central bank imposed tight controls on the foreign exchange market in February in a bid to curb the weakening of the naira in Africa’s biggest economy.
The nation’s currency, the naira on Wednesday slide against the US dollar by N0.41k or 0.21 percent at the interbank foreign exchange market as a result of increased demand by end users.
Meanwhile, external reserves have declined to $29.04 billion as of June 15, 2015, down from $29.09 billion as of June 12, 2015, data from the Central Bank of Nigeria (CBN) website revealed.
After trading on Wednes- day, the local currency closed at N197.74k/$ as against N198.29k/$ the pre- vious day, according to the Financial Markets Dealers Quotations (FMDQ).
On Tuesday, the naira strengthened against the US dollar by N0.96k or 0.48 percent at the inter-bank foreign exchange market after the CBN again adjusted its clearing rate to N196.60k.
The currency of Africa’s biggest oil producer has declined 7.8 percent this year, 18 percent in the past 12 months and fifth most among 24 African currencies tracked by Bloomberg.
The average naira exchange rate was relatively stable at both the interbank and bureau-de-change segments of the foreign exchange market in April 2015, according to Godwin Emefiele, CBN governor.
While addressing journalists at the last Monetary Policy Committee (MPC) meeting, he said exchange rate at the interbank market opened at N197.80/$ and closed at N197.00/$, with a daily average of N197.04/$.
This represented an appreci- ation of N0.80k for the period.
At the bureau-de-change segment, the exchange rate opened at N225.00/$ and closed at N217.50/$, with a daily average of N216.75/$. This represented an appreci- ation of N7.50k for the period.
The stability and modest appreciation in the two segments of the market was largely due to the closure of the rDAS market and the modified two-way quote trading at the inter-bank segments of the market.
Gross official reserves rose from $29.3414 billion at end-March 2015 to $30.05 billion on May 15, 2015.

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