The foreign exchange market or forex has several definitions for hundreds of people around the world, the most important thing is that FX is a market where currencies across the world are traded 24/7. When you buy Euro with Naira or USD with Pounds, that’s forex. To a Nigerian who needs dollars for personal travel …
6 Practicable Ways To Invest In Forex Exchange in Nigeria And Make Profit Read More »
Domiciliary Account allows individuals, businesses and corporate organisations to receive and make payments in foreign currencies. The Central Bank of Nigeria (CBN) frowns at using such accounts for illicit activities. So, what are the benefits of having a domiciliary account in Nigeria? As such the apex bank issued a circular on the domiciliary account and …
Requirements to Open a Domiciliary Account in Nigeria Read More »
Making a purchase of forex for Foreign Medical Bills available is one of the services the CBN provides through Form A. Form A The form enables Nigerians to buy dollars, euros, or Pounds among others for applicants to attend to their healthcare needs in a hospital outside the shore of Nigeria. Form A is one …
10 Key Requirements For Foreign Medical Bills in Nigeria Read More »
Following the recent directive by the Central Bank of Nigeria on the sales of forex, Nigerians can now walk majestically into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). In this guide, we’ll tell you the requirements to purchase US dollars, Euro, and Pound …
13 Requirements for Personal Travel Allowance Application Nigeria Read More »
Before the latest policy of the Central Bank of Nigerian on the sales dollars and other foreign currencies to Bureau de Change operators, there were individuals who submitted applications for BDC operating licence to the apex bank, they can now apply for a refund. This followed the announcement by the apex bank that no fresh …
Bureaux De Change operators are not backing down despite the decision of the Central Bank of Nigeria (CBN) to stop the sales of forex to them. They stated this Thursday, July 29, 2021, in Abuja after Godwin Emefiele-led CBN declared that some of the operators are conduits for money laundering and diverted the forex meant for …
CBN Has Not Banned BDCs From Trading Forex – BDC Operators’ President Read More »
The Central Bank of Nigeria (CBN) took the toughest decision on July 27, 2021, stopping the sales of dollars to Bureaux De Change (BDCs) operators in the country. It cited the activities of the BDCs in the forex market as counter-productive to Nigeria’s economy. The action has raised a lot of dust because it will spark some …
One of the major questions for Nigerians every day is: why is Naira losing value? What will be the effects of a stronger US dollar against the local currency? Since the Central Bank of Nigeria (CBN) rolled out some FX policies, the naira has lost more than it gained in Nigeria’s history. At the time …
10 Ways To Increase the Value of Naira Against US Dollar Read More »
The foreign exchange market gulp $4.37bn in the third quarter of 2020 as one of the moves by the Central Bank of Nigeria (CBN) to stabilize the naira. The third-quarter economic report of the apex bank revealed that the CBN’s periodic interventions in the forex market is targeted at boosting the supply side of the market. Since …
The Central Bank of Nigeria (CBN) has warned that Azimo Money Transfer isn’t a registered IMTO in Nigeria. The apex bank in a tweet also warned Nigerians to steer clear of another international money transfer operator TransferWise, saying they’re not licensed to handle money transfers in Nigeria. In properly managed and regulated by the CBN, …
CBN Says TransferWise, Azimo Not Registered In Nigeria, Users Fault Apex Bank Read More »