The Central Bank of Nigeria has introduced new rules into the Interbank Foreign Exchange Market, authorising dealers to put only N1 spread on their transactions.
The latest mandate also authorises dealers in the forex market to give excess foreign currency trading positions to other authorised dealers without seeking prior CBN approval.
But authorised dealers cannot exceed their respective foreign currency trading positions without prior approval from the apex bank.
According to the rules, the CBN has the reserved right to intervene as a buyer or seller, as it deemed fit.
On Monday, the naira recorded further gains, closing at 367 against the dollar.