All forex trading will go through FMDQ by August 1st
The Central Bank of Nigeria (CBN) has given a directive that all foreign exchange trades (forex) by Authorized Dealers (Banks) and Companies in the Nigerian forex market must be executed through the platform provided by the Financial Market Dealers Quotes (FMDQ)-advised forex trading, with effect from August 1, 2016.
The apex bank which gave this directive over the weekend in a circular signed by Dr Alvan E. Ikoku to all authorised dealers, wants all authorised dealers and corporate institutions operating in the Nigerian forex market to ensure compliance.
Authorised dealers as stipulated in the revised guidelines for the operation of Nigerian inter-bank forex market are licensed participants in the inter-bank foreign exchange. They include: authorised buyers, oil companies, oil service companies, exporters, end-users and any other entity the apex bank may designate from time to time.
“Therefore all authorised dealers (banks) are to execute all forex trades among themselves and with their clients (i.e. corporate institutions) through the FMDQ-advised forex systems.
“The deployment of the FMDQ-advised forex systems will only be to those Corporates that have been screened and pre-approved by FMDQ in line with its on-boarding eligibility criteria,” the circular read in part.
It should be remembered that earlier guidelines for the floating forex regime had stipulated that all FX transactions by Authorised Dealers are to be reported to FMDQ via the FMDQ-advised forex Reporting System, which the CBN will have access to.
However, with this on boarding regime, analysts are divided on its implication to the Bureau De Change (BDC) segment of the forex mark. While a herd of analysts believe that since CBN has been holding talks with BDC operators to fashion out modalities for their inclusion, this move could give the apex bank some positive direction on how to ‘onboard’ the BDCs; yet another group of analysts believe that forcing companies in the Nigerian forex market to execute all trades through the platform will make things more difficult for BDCs because some of the corporates especially oil companies sometimes secretly sell forex to BDCs (autonomous sources). Therefore, this directive has put a stop to that window.
To improve the dynamics of the market, CBN introduced forex Primary Dealers (FXPD) who are registered by the CBN to deal directly with the Bank for large trade sizes on a two-way quotes basis. These Primary Dealers operates with other dealers in the Inter-bank market.
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This is in furtherance of its efforts in engendering transparency and professionalism in the Nigerian foreign exchange market. The Apex bank urged all authorize dealers and corporate institutions operating in the Nigerian foreign exchange market to ensure strict compliance.
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