BDCs Seek CBN Approval Electronic Forex Trading Bureau de change operators (BDCs) on Wednesday begged the Central Bank of Nigeria to approve the usage of electronic foreign exchange trading to ease demand pressure and facilitate comfort. Alhaji Aminu Gwadabe, the President of Bureaux De Change Operators of Nigeria (ABCON), made the appeal during a webinar […] CBN Makes First Forex Intervention In 2020 With $253m . The Central Bank of Nigeria (CBN), at the weekend, made its first foreign exchange (forex) intervention for the year, with $253.38 million, under the retail Secondary Market Intervention Sales (SMIS) and CNY16.76 million in the spot and short-tenored forwards segment of the inter-bank foreign market. CBN Suspends forex Transfer on domiciliary accounts – The Central Bank of Nigeria (CBN) has banned the transfer of Foreign Exchange (FX) from one customer to another. According to the apex bank, FX cash lodgements into domiciliary accounts can only be done by the account owners henceforth. The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree Amendments 1993,No. 3 of 1997,No. 4 of 1997,No. 37 of 1998,No. 38 of 1998,1999 and CBN Act of 2007. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established. “They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.
MD/CEO, Cowry Asset Management Ltd, Johnson Chukwu, says Central Bank's action on forex regime would send wrong signals. #CBN....#Forextrading....#Nigeria #C... The Central Bank of Nigeria says it will resume the gradual sales of forex to Bureau De Change operators from the 7th of September. Ifeoma Onyejekwe, Fixed I... President Muhammadu Buhari says he has asked the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation. In a statement issued on Tuesday by Garba Shehu ... CBN Lifts Forex Market with $210m CBN Lifts Forex Market with $210m CBN Lifts Forex Market with $210m Subscribe my channel: https://www.youtube.com/channel/UCv2-... This video is unavailable. Watch Queue Queue. Watch Queue Queue