Tag: Forex
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Forex malpractices: CBN threatens to suspend licences of commercial banks
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.
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EFCC to use BVN to punish Forex offenders
EFCC to use BVN to punish Forex offenders
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Abuja banks comply with CBN forex directive, sell dollar at N412
In compliance with the new Foreign Exchange (FX) regulation by the Central Bank of Nigeria (CBN), commercial banks in Abuja have set up dedicated teller points for FX transactions in their branches. Recall that the CBN had last week stopped sales of FX through Bureau de Change Operators and announced that foreign exchange would now…
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Forex Palaver: Blame FG and Senate not CBN – Dele Sobowale
“It aint the things you don’t know that cause the problem. It’s the things you think you know that just aint so.” Ralph Waldo Emerson, 1803-1882, VANGUARD BOOK OF QUOTATIONS, VBQ, p 117. Ask a thousand people across all segments of the Nigerian society who to blame for the turmoil in the foreign exchange market…
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Forex: CBN directs commercial banks to set up teller points
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of Foreign Exchange (forex) to Nigerians. The News Agency of Nigeria (NAN) reports that the directive was sequel to CBN’s decision to discontinue sale of forex to Nigerians through the Bureaux de…
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BREAKING: CBN bans sale of forex to BDCs
The Central Bank of Nigeria (CBN) on Monday announced immediate discontinuation of sale of Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country. Mr Godwin Emefiele, the CBN Governor , made this announcement on Tuesday, while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja. Emefiele said…
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CBN increases forex allocation to banks, assures liquidity for invisibles
The Central Bank of Nigeria (CBN) has concluded plans to increase the amount of foreign exchange allocated to banks to meet the requests of customers. This particularly relates to requests of travelers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisibles. It follows a warning issued by the CBN…
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SEC moves to improve forex earnings with new rules on warehousing
The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading. A statement by the commission issued to newsmen on Sunday in Abuja said that the move would translate into foreign exchange earnings for the country. According to SEC, every warehouse that stores commodities to be…
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Fidelity Bank Reaffirms Support For CBN’s New FX Policy Push, Targets Improved Diaspora Remittance Inflows
Fidelity Bank Plc, a leading Nigerian bank has restated its readiness to continually support the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by significantly improving diaspora remittances and foreign exchange (FX) inflows into the country. Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe who made this known on Saturday at the inaugural edition…
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‘Now, forex cash lodgements into domiciliary accounts can only be done by account owners’
The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another. According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth. An internal memo available in the media space explains that the new guidelines are necessary to review…