The Central Bank of Nigeria (CBN) on Friday announced new guidelines I for Deposit Money Banks (DMBs) to deposit excess foreign currency notes at its Lagos and Abuja branches.

This initiative, according to the bank, is intended to achieve convergence in the exchange rates of the parallel and official markets.

The directive was announced in a circular to all commercial banks signed by the Acting Director of the Currency Operations Department, Solaja Olayemi.

In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank,” the circular read.