According to the Central Bank of Nigeria, the all-in-one import and export window allows for mutually agreed-upon pricing among participants.
The Apex bank underlined the benefits and characteristics of the new I&E window it announced on June 15 in a series of tweets on Friday.
It stated that all eligible FX transactions in the market must be done through the I&E window, as all other windows will close, and that it operates on a willing buyer, willing seller system, “where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorized dealer.”
It further stated that BTA, PTA, medical, and school payments, among others, will continue to be available through banks at the current currency rates.
In addition, the CBN said there are no changes in the process for applying for FX.
The CBN proceeded to explain government related transactions.
“These are transactions with Ministries, Departments and Agencies.
Order bases two-way quotes, according to the CBN, are a two-way quote trading system in which all transactions are traded back.
Furthermore, trading is visible to the entire market via the order book, which is an electronic trading system where demand and supply can be matched on any given trading day.
However, the bank stated that the 43 goods that cannot access FX on the window remain unchanged.
“The status quo on the 43 non-eligible items remains unchanged.” The things cannot be funded through the I$E window.”
