Banks urge customers to submit forex bids ahead

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Deposit Money Banks have asked customers to submit bids ahead of the start of new interbank foreign exchange trading on Monday.

The Central Bank of Nigeria had on Wednesday announced plans to begin market-driven trading of the naira to alleviate chronic foreign exchange shortages.

Banks asking customers to submit bids is a signal that the new forex trading platform will be driven by market forces and not dominated by internal bank trading.

After a meeting with the CBN officials and banks’ chief executive officers late on Friday, banks asked their clients to send them pending Letters of Credit for them to resubmit and to quote a rate at which they want to buy dollars, Reuters reported quoting its source said.

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