Details before bidding

It is now mandatory for authorised dealers under SFEM to submit a detailed list of transactions with Central Bank of Nigeria, CBN, before any bidding session.
This CBN order effective from today is retained in a circular issued to dealing banks yesterday which is expected to check illegal interbank dealings and participation of banks in the parallel market.
In addition to this CBN also ordered that all net interest earned in the business of the various accounts for SFEM funds which banks were directed earlier to credit to separate interest accounts should be sold to CBN on a quarterly basis and month after the end of the relevant quarter.
Authorised dealers were further directed by the CBN to sel the cumulative interest earned on these accounts up to March 31, 1987. The directive stated that the naira equivalent of the foreign exchange sold to CBN shall be credited to be current account of each bank who are in turn to credit are customers account.