Foreign Exchange

Olayemi Cardoso of CBN

CBN Revokes Operational Licenses of 4,173 BDCs

The Central Bank  of Nigeria (CBN) has revoked the operational licensed of 4,173 Bureau de Change (BDC) operators in the country as the cleansing of the FX market continues under Yemi Cardoso. There are over five thousand foreign exchange traders in Nigeria. In a press release Friday signed by Acting Director of Corporate Communications, Mrs. […]

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Dollar to Naira exchange rate Nigeria

EFCC Officials Raid Abuja Dollar Market With Gun In A Bid To Rescue Naira from Further Fall

The operatives of the Economic and Financial Crimes Commission (EFCC) on Monday, February 19, 2024, resorted to using firearms in their attempt to salvage the Nigerian currency from total collapse. Watch video: They had stormed the Abuja Zone 4 market, popular for foreign exchange trading, and started shooting sporadically at Bureau De Change operators in an attempt to

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CBN Bans Payment of Travel Allowance by Cash as FX Crisis Deepens

As the foreign exchange crisis deepens in Nigeria, the apex bank has directed all Authorized Dealer Banks in the country to stop payment of Personal Travel Allowance and Business Travel Allowance (PTA/BTA) by cash to applicants. In a communique dated February 14 and signed by the Director of Trade and Exchange Department, Hassan Mahmud, the

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CBN Bars WorldRemit, Others From Making Dollar Transfer to Nigerians

WorldRemit, MoneyGram, and other International Money Transfer Operators (IMTOs) will cease releasing dollars or other foreign currencies to Nigerians. Instead, remittances will now be processed and converted to Naira, with the recipient’s account being credited in the local currency. More than 50 licenced IMTOs are operating in Nigeria, they include Sendwave, MoneyGram, WorldRemit, Remitly, and

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Payoneer request payment guide

Nigerian Banks Block Payoneer From Sending Dollar To Nigeria

Pyoneer can no longer send dollars and other foreign currencies to Nigeria. This change is due to banks in the country implementing the latest foreign exchange guidelines set by the Central Bank of Nigeria (CBN). This marks a departure from previous practices where freelancers could transfer funds from their Payoneer account directly to their domiciliary

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usdollar_to_naira_exchange_rate_parallel_market

CBN Removes ±2.5% Cap Spread On FX Transactions Among Banks

The Central Bank of Nigeria (CBN) is bringing another twist to Nigeria’s foreign exchange market by removing  ±2.5% cap spread on interbank FX transactions. The latest announcement overrides the initial practice when there was ±2.5% cap spread on FX transactions. The apex bank noted that the removal of spread would enhance a market-based price discovery

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Nigeria May Impose ‘Heavy’ Tax On Foreign Exchange Transactions At Parallel Market

The imposition of excise tax on foreign exchange transactions outside the official market is one of the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee which submitted its recommendations Wednesday in Abuja. In a report titled “Quick Wins”, the committee head and a tax expert, Taiwo Oyedele led his members to submit its

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