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BRICS Bank de-dollarizing, promises 30% of loans in local currencies, new chief Dilma Rousseff says

Geopolitical Economy Report • 657 implied HN points • 18 Apr 23
🌍 World Politics BRICS De-dollarization Global South Foreign Exchange
  1. The BRICS New Development Bank is moving away from the US dollar and intends to provide 30% of loans in local currencies to member countries.
  2. The initiative to de-dollarize loans is seen as a step towards helping member countries avoid exchange rate risks and finance shortages that can hinder long-term investments.
  3. There is a push within BRICS, led by figures like Dilma Rousseff and Lula da Silva, to challenge US dollar dominance in global financial transactions and promote fairer systems of monetary exchange.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/012

RegAlert • 0 implied HN points • 09 Feb 24
💰 Finance Regulations Foreign Exchange Transparency
  1. Financial institutions are requested to remove the spread on foreign exchange transactions and conduct transactions on a 'Willing Buyer and Willing Seller' basis.
  2. Ethical standards like price disclosures and transparency are emphasized for foreign exchange dealings.
  3. All executed transactions must be immediately recorded on relevant treasury systems and reported to market authorities.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/007

RegAlert • 0 implied HN points • 17 Aug 23
💰 Finance Regulation Foreign Exchange Compliance
  1. The Central Bank of Nigeria has introduced new operational mechanisms for Bureau de Change (BDC) operations to enhance the efficiency of the foreign exchange market.
  2. BDC operators are mandated to maintain a spread on buying and selling within a specific range of -2.5% to +2.5% of the previous day's weighted average rate.
  3. Operators are required to submit periodic reports on the upgraded Financial Institution Forex Rendition System (FIFX); failure to comply may lead to sanctions or license withdrawal.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/01/002

RegAlert • 0 implied HN points • 25 Feb 22
💰 Finance Regulatory Central Bank Foreign Exchange
  1. The Central Bank of Nigeria has introduced the RT200 Programme to reduce exposure to volatile foreign exchange sources and earn more stable inflows.
  2. The CBN has issued guidelines for the implementation of the RT200 Non-Oil Export Rebate scheme that Authorized Dealers must comply with immediately.
  3. The guidelines for the RT200 Programme are aimed at creating a more sustainable and stable foreign exchange system.
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