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) President Muhammadu Buhari’s recent directive to the governor of the Central Bank of Nigeria (CBN), to restrict foreign exchange for the purpose of food and fertiliser importation into the ... The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another. According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth. An internal memo available in the media space explains that the new guidelines are necessary to review […] 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 […] 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.
Therefore, the CBN will also offer long term forex futures and sales of forex forwards for end users must be trade-backed as well as introduce non-deliverable OTC forex settled trades to help ... 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-... MD/CEO, Cowry Asset Management Ltd, Johnson Chukwu, says Central Bank's action on forex regime would send wrong signals. #CBN....#Forextrading....#Nigeria #C... 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 ... This video is unavailable. Watch Queue Queue. Watch Queue Queue