The Central Bank of Nigeria, CBN, has removed the spread on Foreign Exchange Transactions. This was contained in a statement from the Central Bank of Nigeria Financial Markets Department, signed by Duke Omolara Omotunde. The statement sent to all authorised dealers and dated February 8, 2024, was titled ‘removal of the spread on Foreign Exchange Transactions’. It said a key objective of the ongoing foreign exchange market reforms by the CBN is to promote a market-based price discovery system. “Consequently, the Bank hereby discontinues any cap on the spread of interbank foreign exchange transa…