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. 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) BDCs Seek CBN Approval Electronic Forex Trading Bureau de change operators (BDCs) on Wednesday begged the Central Bank of Nigeria to approve the usage of electronic foreign exchange trading to ease demand pressure and facilitate comfort. Alhaji Aminu Gwadabe, the President of Bureaux De Change Operators of Nigeria (ABCON), made the appeal during a webinar […] CBN Makes First Forex Intervention In 2020 With $253m . The Central Bank of Nigeria (CBN), at the weekend, made its first foreign exchange (forex) intervention for the year, with $253.38 million, under the retail Secondary Market Intervention Sales (SMIS) and CNY16.76 million in the spot and short-tenored forwards segment of the inter-bank foreign market.
President Buhari urges CBN to halt forex for food importation
MD/CEO, Cowry Asset Management Ltd, Johnson Chukwu, says Central Bank's action on forex regime would send wrong signals. #CBN....#Forextrading....#Nigeria #C... 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... 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 ... The Central Bank of Nigeria has made good its promise to implement the liberalisation of the Foreign Exchange market and improve liquidity. ... Is The CBN Forex Policy Good Or Bad For The Nation ... This video is unavailable. Watch Queue Queue. Watch Queue Queue