22/09/ · CBN Directs Banks to Tighten Forex Rules on Travel Allowance By Bashir Olanrewaju The Central Bank of Nigeria directed banks to tighten rules for dispensing foreign exchange for business or personal travel to ensure that only genuine travelers are getting access to funds. Banks were specifically asked to guard against “unethical practices” that may include “the 13/01/ · SOME financial experts, yesterday, said that the new directive to stop direct sale of foreign currencies by Central Bank of Nigeria (CBN) to bureaus de change operators would check illegal activities in the market 05/08/ · The Central Bank of Nigeria (CBN) said the ban of sale of foreign exchange to the Bureau de Change (BDC) operator was necessary because most
Godwin Emefiele, CBN Governor. In separate chats with NAN in Lagos, they explained that the decision would stabilize the foreign exchange market and wrest it from the controls of those with untoward intentions. Wusu noted that although the new decision was a big task, the overall health of the economy was important. According to him, forex rule nigeria cbn, the country could not afford to remain in the current situation, stressing that the directive on deposit of dollar into domiciliary accounts would forex rule nigeria cbn the level of dollar deposits in banks.
He said that the directive would also put an end to round-tripping and rent seeking as dollar forex rule nigeria cbn from the system would reduce, adding that the liberalisation of the interbank market was necessary to stabilise the foreign exchange market.
A former President of Association of National Accountants of Nigeria ANANSamuel Nzekwe said the decision was long overdue. Nzekwe pointed out that that BDCs all over the world were not sourcing their foreign exchange from their respective central banks. He said that BDCs in many countries were only allowed to attend to foreign exchange demands of light travelers, forex rule nigeria cbn, which they got from visitors into the country.
Nzekwe recalled that some Nigerians were jailed in the past for patronising BDCs before their activities were legalised. A currency analyst at EcoBank Nigeria, Kunle Ezun said the actions of the CBN were aimed at reducing the pressure on the naira at the foreign exchange market.
It weakened to a new low level of N to the dollar on January 11 due to the new directive of the CBN on foreign exchange sales to the BDC. Ezun, however, forex rule nigeria cbn, said the foreign exchange inflow remained a big issue that the CBN needed to address in order to consolidate its efforts on foreign exchange management. The analyst, however, added that the lack of any comment on telegraphic transfers, foreign cash notes and the two way quote market could further limit the positive impact of the new policies.
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Naira Drops As CBN Announces New FX Policy
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05/08/ · The Central Bank of Nigeria (CBN) said the ban of sale of foreign exchange to the Bureau de Change (BDC) operator was necessary because most 22/09/ · CBN Directs Banks to Tighten Forex Rules on Travel Allowance By Bashir Olanrewaju The Central Bank of Nigeria directed banks to tighten rules for dispensing foreign exchange for business or personal travel to ensure that only genuine travelers are getting access to funds. Banks were specifically asked to guard against “unethical practices” that may include “the 13/01/ · SOME financial experts, yesterday, said that the new directive to stop direct sale of foreign currencies by Central Bank of Nigeria (CBN) to bureaus de change operators would check illegal activities in the market
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