CBN orders banks to publish all forex transactions on FMDQ – Today.ng

The Central Bank of Nigeria (CBN) has ordered banks to publish details of all foreign exchange transactions on the Financial Market Dealers Quote (FMDQ) platform.

Meanwhile the naira depreciated by 1.5 percent (N4.5) at the interbank foreign exchange market for spot transactions. From N305.25 per dollar at the end of transactions on Friday, the exchange rate for spot transactions dropped rose to N309.84 per dollar at the close of business yesterday. But at the parallel market the naira remained relatively stable as the parallel market rate stood at N376 per dollar.

Announcing the directive of the CBN in an email to foreign exchange dealers, Managing Director/Chief Executive FMDQ, Mr. Bola Onadele said, “Banks should “update all trades irrespective of the exchange rate.

Read more at https://www.today.ng/business/158291/cbn-orders-banks-publish-forex-transactions-fmdq