Buying Of Foreign Exchange- Banks Warn Against Presenting Fake Document

Even as they indicated their preparedness to sell foreign exchange to the general public as mandated by the Central Bank of Nigeria, bank CEOs warned against using fake documents to obtain foreign money (CBN). This follows the CBN’s decision to stop selling foreign exchange to bureaux de change (BDCs) and instead direct clients to their banks for authorized transactions. During a virtual news briefing hosted by the Body of Bank Chief Executives, the CEOs of the banks stated that anyone attempting to purchase foreign exchange with fake documents will be reported to the CBN and the police for possible punishment. […]



The Naira Strengthens As Bank CEOs Pledge Support For The CBN’s New Foreign Exchange Policy

On the parallel market on Thursday, the naira strengthened to N520 per dollar, higher than the previous day’s close of N525 per dollar. Chief Executive Officers (CEOs) of banks pledged to support the Central Bank of Nigeria’s (CBN) new foreign exchange (FX) measures and the regulator’s efforts to achieve FX stability. The naira closed at N411.67 to the dollar on the Investors and Exporters (I & E) FX window yesterday. The CBN also announced that it will begin refunding capital deposits and licensing costs to Bureau De Change (BDC) promoters who had outstanding license applications prior to Tuesday’s announcement of[…]



The CBN Has Halted The Sale Of Dollars To BDCs

The Central Bank of Nigeria (CBN) has announced that it will immediately cease selling foreign exchange to Nigerian Bureau De Change (BDC) operators. The Central Bank claims to have evidence that the BDCs were engaging in rent-seeking when it came to dollar sales. The remark was made by CBN governor Godwin Emefiele during a virtual press briefing on Tuesday to mark the end of the apex bank’s Monetary Policy Meeting (MPM). Emefiele also stated that the MPC has maintained all monetary policy parameters at the 11.5 percent Monetary Policy Rate. As a result, he stated that the CBN will no[…]