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. 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 […] In August, the CBN secured a court order to freeze the accounts of certain companies accused of forex volatility, importation of items exempted from official foreign exchange and manipulation of ... 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) 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.
President Buhari urges CBN to halt forex for food importation
As International Flight Operations resume and further Economic Activity picks up. The Nigerian Apex Bank keeps to schedule by reopening the official FX tradi... 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 ... 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... The Central Bank of Nigeria has made good its promise to implement the liberalisation of the Foreign Exchange market and improve liquidity. ... Is The CBN Forex Policy Good Or Bad For The Nation ...
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