The CBN Gives Payment Service Banks Permission To Sell Dollar

The Central Bank of Nigeria (CBN) published a supervisory framework for payment service banks yesterday (PSB). The framework allowed PSB operators to sell foreign currencies, particularly dollars, to authorised foreign exchange dealers, among other things. The PSBs were also given permission by the CBN to accept deposits from people and small businesses that would be covered by the deposit insurance system, as well as to conduct payments and remittances (including inbound cross-border personal remittances) through various channels within Nigeria. According to the framework, operators are expected to use technology to deliver services that are easily accessible to the unbanked people […]



Naira Falls Despite Increase In Liquidity

At the official Investors and Exporters window, the naira and the US dollar exchange rate closed at N411.07/$1. On Monday, the naira lost 0.08 percent versus the US dollar, closing at N411.07 per dollar, down from N410.75 per dollar on Friday, June 4th, 2021. The naira, on the other hand, stayed unchanged against the US dollar on Monday, closing at N502 per dollar on the parallel market. On Friday, June 4, 2021, the rate was the same as it was on Friday, June 4, 2021. The supply of dollars fell by 34.5 percent after the Nigerian Central Bank announced an[…]