Autonomous Market (Interbank Foreign Exchange Market):

The bank as an authorized dealer in foreign exchange, participates in the Interbank Foreign Exchange Market, whereby it purchases foreign exchange from the Interbank Market to meet the needs of its customers.

Features of the Autonomous Market

•Foreign exchange purchased from the interbank market is available through out the week to meet the needs of customers.
 

Benefits:

Visible Transactions like;
•Payment of examination/school fees
•Mortgage repayment
•Payment of medical fees
•Trademark/Patent fees, etc.

Invisible transactions including:

1.Letters of Credit
2.Bills for Collection and
3.Other structured financing arrangements like
•Forwards
•Swaps
•Options
•Futures