28/07/ · The CBN governor said as part of the new forex sales policy, all commercial bank branches will create a separate desk for the purpose. “The BDCs were regulated to sell a maximum of 5, dollars per day, but CBN observed that they have since been flouting that regulation and selling millions of 31/08/ · The bank said the new directive was given to curb the unwholesome conduct of some unscrupulous customers who are trying to circumvent its new forex policy. The circular which was addressed to all banks was titled, “Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” and signed by the bank’s Director, Banking 28/07/ · The CBN will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands. The banks will be monitored to provide forex for the legitimate use of Nigerians. “We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them,” Emefiele said, adding that they are mandated to sell forex to
Here’s why Nigeria's central bank is banning forex sales to money changers | TechCabal
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Home Politics World Entertainment Lifestyle Tech Sports Metro Weird Video. Get Latest Tori News Alert! Enter your email below. Delivered by FeedBurner. CBN Directs Banks to Create Mobile App For Forex After Stopping Sale of Dollar to Bureau De Change Operators Posted by Thandiubani on Thu 29th Jul, - tori.
ng CBN has now directed banks in Nigeria to create mobile applications and alert systems to update customers on forex. The Central Bank of Nigeria has given a new directive to banks after stopping sale of forex to Bureau de Change operators. It has now directed Deposit Monetary Banks DMBs in Nigeria to create mobile applications and alert systems to update customers of their foreign exchange movement. CBN also warned banks to ensure that no customer is turned back or refused foreign exchange provided that documentation and all other requirements are satisfied equally.
It also warned that undue delays, rationing and diversion of foreign exchange would not be tolerated, adding that banks must establish electronic applications and alert systems to update customers on status of cbn new directive on forex sales foreign exchange requests. The circular reads: "Further to the Monetary Policy Committees MPC briefing of July 27,of Deposit Money Banks DMBs are hereby reminded to set up teller points at designated branches across the country to fulfil legitimate FX requests for Personal Travel Allowance PTA Business Travel Allowance BTAcbn new directive on forex sales, tuition fees, Medical payments, SMEs transactions, amongst others.
CBN assured that it will continue to closely monitor banks' conduct and compliance with the directive, adding that any breach of the directive will be severely sanctioned. Speaking on the decision to stop forex to the BDCs, the CBN Governor, Mr Godwin Emefiele had said the Monetary Policy Committee noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail users, but instead, cbn new directive on forex sales, they had become wholesale and illegal dealers.
He said: "Operators in the BDC have not reciprocated the gesture to help maintain price stability in the market since the CBN had been selling forex to them. BREAKING: Buhari Makes NNPC A Corporation, Appoints Board Members.
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Nigerian Central Bank to inject more dollars into the foreign exchange market
, time: 5:12In major policy shift, CBN cancels N trillion forex sales to BDCs | Dailytrust
31/08/ · The bank said the new directive was given to curb the unwholesome conduct of some unscrupulous customers who are trying to circumvent its new forex policy. The circular which was addressed to all banks was titled, “Publication of names of Defaulters of a CBN policy on sale of Forex for PTA/BTA” and signed by the bank’s Director, Banking 28/07/ · The th monetary policy meeting which was held on 27th July concluded with the Central Bank of Nigeria taking an aggressive stance to discontinue the supply of FX to Bureau De Change operators (BDCs) in order to clampdown on what Godwin Emefiele (CBN Governor) termed illegal activities being perpetrated by BDCs when foreign exchange is supplied to them 28/07/ · The CBN governor said as part of the new forex sales policy, all commercial bank branches will create a separate desk for the purpose. “The BDCs were regulated to sell a maximum of 5, dollars per day, but CBN observed that they have since been flouting that regulation and selling millions of
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