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 »
It seems sanity is gradually returning to Nigeria’s foreign exchange market as commercial banks sold one U.S. dollar for N412 Tuesday, August 3, 2021, in major banks across the country. InfomediaNG research revealed that the financial institutions are obeying the new FX order of the Central bank of Nigeria (CBN), at least for the first
Nigerian Banks Sell US Dollar For N412 To Obey CBN’s Forex Order Read More »
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 »
One of the services provided by the CBN is facilitating the purchase of foreign exchange for paying Foreign Medical Bills through Form A. Form A 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. Here are the requirements
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 into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Targeted people Requirements for Personal Travel Allowance 1) You must be eighteen years old and above
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
In history, the Nigerian currency has never experienced a situation where one U.S. dollar is exchanged for N1,444 at the official market. In the parallel market, the exchange rate stands at $1/N1,451, at the time of updating this article. The disparity between the dollar and the Naira has raised questions among Nigerians, such as why
10 Ways To Increase the Value of Naira 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
CBN defends naira with $4.37bn in three months Read More »
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