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 […] The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree Amendments 1993,No. 3 of 1997,No. 4 of 1997,No. 37 of 1998,No. 38 of 1998,1999 and CBN Act of 2007. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) In August, the CBN secured a court order to freeze the accounts of certain companies accused of forex volatility, importation of items exempted from official foreign exchange and manipulation of ... CBN Commences Investigation into FX Activities of 55 Companies, Individuals In an effort to ease foreign exchange pressure and better manage the dwindling foreign reserves, the Central Bank of Nigeria has intensified fight against companies and individuals taking advantage of the nation’s limited foreign reserves. The apex bank said it has commenced investigations into the […] CBN Suspends forex Transfer on domiciliary accounts – The Central Bank of Nigeria (CBN) has banned the transfer of Foreign Exchange (FX) from one customer to another. According to the apex bank, FX cash lodgements into domiciliary accounts can only be done by the account owners henceforth.
Therefore, the CBN will also offer long term forex futures and sales of forex forwards for end users must be trade-backed as well as introduce non-deliverable OTC forex settled trades to help ... Don't forget to subscribe: https://bit.ly/2Hb8hjx Watch more interesting videos: https://bit.ly/34ogCaw Follow Channels Television On: Facebook: https://www.... This video is unavailable. Watch Queue Queue. Watch Queue Queue The Central Bank of Nigeria says it will resume the gradual sales of forex to Bureau De Change operators from the 7th of September. Ifeoma Onyejekwe, Fixed I... As International Flight Operations resume and further Economic Activity picks up. The Nigerian Apex Bank keeps to schedule by reopening the official FX tradi...
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