For the CBN to regulate access to scarce foreign exchange, it has put in place several active [SA1] windows which include: the Retail SMIS Funds, SME Form Q Funds, the Investors & Exporters Funds (I&E) and the Invisibles Funds (PTA/BTA, Medicals and Education). Despite these initiatives, the FX demand continues to outweigh the supply. Thus, leaving individuals and corporates to source FX at a higher rate from the parallel market.
A challenge that this automated process will pose to most Nigerian banks will be the integration of their trade finance and other related back-end applications to the TRMS portal and harnessing the full potential of the trade automation process to their benefit and to those of their customers.
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