Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

CBN issues new forex circular to banks and BDCs

Onome Ohwovoriole by Onome Ohwovoriole
May 27, 2018
in Business News, Circulars, Politics
Nigeria’s ratings risk downgrade over rising debt and lower revenue, Godwin Emefiele, CBN, Textile, CBN

Godwin Emefiele, CBN Governor

Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has directed all commercial banks in the country to sell foreign exchange across the counter. Acting spokesman for the apex bank, Isaac Okoroafor disclosed this in a statement. Failure to this would lead to stiff sanctions.

All Deposit Money Banks are mandated to buy and sell foreign currency to travellers ( both customers and non-customers) upon presentation of relevant valid travel documents such as visa and tickets OVER THE COUNTER. All travelers shall be attended to immediately at the bank’s counters. Any contravention will be sanctioned by the CBN.

In addition, all Bureaux De Change (BDCs) are to access the foreign exchange window, thrice a week. Failure to do this, Okoroafor warned could lead to the CBN reviewing their operating licenses.

Reasons behind the move

Summertime is a period of pressure on foreign exchange as Nigerians travel abroad. Difficulty accessing foreign exchange through the banks would lead to increased patronage of the black market and widening of the rates between both sectors.

RelatedPosts

NAHCO Plc appoints Dr. Olusola Peter Obabori as Executive Director

Zamfara Governor signs anti-banditry bill into law, proposes death penalty for those found guilty

CBN Governor Godwin Emefiele had recently stated the bank’s determination to ensure convergence of all rates sometime in the future.

Foreign exchange reserves are up

Nigeria’s foreign reserves stood at $47.7 billion as at the 21st of May 2018. They are forecast to hit the $50 billion before year end, on the back of an increase in crude oil prices and improved production volumes. The apex bank thus has enough liquidity to meet demand.

Crude oil prices have been on an upswing due to geo- political tensions between the United States and Iran.

Related

Tags: CBNFX MarketsOn the Money

Comments 1

  1. Emmanuel Adebayo says:
    July 28, 2021 at 9:11 pm

    Mr onome, please what will now happan to does who want to transact business legitimately outside Nigeria with the new policy from CBN.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Before the Robots take your jobs, take theirs
    • SignalADoc introduces new solution on its App called ‘Vital Sign Monitor’
    • Stock market crash would reduce consumption in Nigeria – Report

    Follow us on social media:

    Recent News

    Before the Robots take your jobs, take theirs

    Before the Robots take your jobs, take theirs

    June 29, 2022
    SignalADoc introduces new solution on its App called ‘Vital Sign Monitor’

    SignalADoc introduces new solution on its App called ‘Vital Sign Monitor’

    June 29, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com