The Central Bank of Nigeria has introduced new rules into the interbank foreign exchange market.
The rule mandate authorised dealers in the interbank to put only N1 spread on their transactions.
It also said that authorised dealers in the forex market can now give their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN
It added, authorised dealers shall not exceed their respective foreign currency trading position without approval of the CBN.
According to the rules, the CBN reserved the right to intervene, as a buyer or seller, as it deemed it fit in the interbank market.
The naira recorded further gain on Monday, closing at 367 against the United States dollar.
