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 […]
CBN Freezes Accounts of 6 Forex Trading Platforms 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
3 Ways To Receive PTA Payments To GTCO Account in Nigeria 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
5 Implications of CBN Stoppage of Forex Sales to BDC Operators in Nigeria 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
CBN To Place Post-No-Debit On Forex Violators Read More »
The CBN’s thunderous strike on the operational pattern of the Bureau De Change regarding foreign exchange is yet to settle as the Naira tip-toed backward in a move to make significant gains against the US dollar. On August 10, 2021, it showed signs of improvement in the parallel market, selling for N510 against $1. But
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
Nigeria’s apex bank isn’t backing down to reduce the influence of Bureau De Change operation on foreign exchange in Nigeria, research showed that banks now receive more than 200% of forex supply from the Central Bank of Nigeria (CBN). “No country in the world leaves its forex market in the hands of black marketers without
UPDATE: CBN Pumps More Dollars To Banks To Meet High Forex Demand Read More »
Have you ever wondered where Bureau De Change operators in Nigeria obtain the large volumes of foreign currency they handle and sell to their customers every day? At inception, their primary source of foreign currency was the Central Bank of Nigeria. However, today they have more than 10 sources from which they acquire forex. Their strategic
10 Sources of Forex To BDC Operators In Nigeria Read More »
Financial analyst, Bismarck Rewane, said the latest position of the Central Bank of Nigeria (CBN) not sell foreign exchange to Bureau De Change operators could push them out of the forex market. The renowned economist who is also an analyst at the Financial Derivatives Company Limited (FDC) said it would take the market a few
Nigeria’s BDCs Operation May Become Extinct – Financial Analyst Read More »
There are fears that the Central Bank of Nigeria (CBN) might use its financial powers to convert foreign currencies in domiciliary accounts to Naira as one of its desperate moves to stabilize the forex market. Although, there was no statement to such a move by the apex bank, its recent action against the activity of
Does CBN Have Powers To Convert Domiciliary Accounts To Naira? Read More »
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