On June 23, 2015, less than a month after Muhammadu Buhari took an oath of office as Nigeria’s president, the Central Bank of Nigeria (CBN) blocked some items from accessing foreign exchange at the official market. And on May 06, 2021, the CBN insisted that it would continue to block the importation of maize into … Read more
The Central Bank of Nigeria (CBN) has vowed to revoke for a year the foreign exchange operating licence of any bank that engage FX malpractices The apex stated this in a circular entitled, “Observance of due diligence in the processing of foreign exchange transactions” which was signed by its Director of Trade and Exchanges Dr. … Read more
The Central Bank of Nigeria has confirmed that it is aware that some Nigerians used fake visas and deliberately cancel their air tickets after purchasing Personal Travel Allowance and Business Travel Allowance. Recall that the apex bank mandated financial institutions to make PTA and BTA accessible to Nigerians who need forex to settle important needs … Read more
UPDATE: Almost two years after the bank accounts of some companies and individuals were frozen, Nigeria’s apex bank on Tuesday, July 26, 2023, directed banks to vacate a post-no-debit restriction placed on the affected accounts. In a circular signed by A.M. Barau on behalf of the Central Bank of Nigeria (CBN), directed the banks to notify the concerned … Read more
Microfinance banks that trade in dollars, pound sterling, euro, and any other foreign currencies will lose their operating licence, the Central Bank of Nigeria (CBN) has threatened. The threat is a continuous move by the apex bank to sanitise the forex market which had been abused severally. In a circular warning all MFBs in Nigeria … Read more
UPDATE: Bank accounts of six forex trading companies that were frozen in 2021 have now been unfrozen by Nigeria’s apex bank on Tuesday, July 25, 2023 in a circular by the bank. The Central Bank of Nigeria has placed post-no-debit (PnD) on the accounts of the foreign exchange trading platforms for suspected violations of the … Read more
Commercial banks in Nigeria are seriously implementing the order of the Central Bank of Nigeria (CBN) as par the establishment of Forex Teller Points to simplified access to foreign exchange for Personal Travel Allowanace (PTA), Business Travel Allowance (BTA), medicals, and foreign school fees payment. While the Direct Money Banks (DMBs) continue to implement the … Read more
I read in the news on Tuesday, July 27, 2021, that Godwin Emefiele-led Central Bank of Nigeria halted the sales of forex to the Bureau De Change operators in Nigeria. CBN will now be supplying forex to ONLY commercial banks. The new rule takes immediate effect. Should you be worried about the new CBN policy … Read more
The Central Bank of Nigeria (CBN) isn’t showing signs of weakness in its determination to sanitise the forex market following its August stoppage of dollars to the operators of Bureax De Change And after directing commercial banks to take over the sales of forex to Nigerians who need them for PTA, BTA, medicals, and school … Read more
It’s no longer news that all the financial institutions in Nigeria have set up teller points for foreign exchange sales in furtherance of guidelines handed down by the Central Bank of Nigeria to them (CBN) to sanitise the forex market. One of the actions of the apex bank on July 27, 2021, was that it … Read more