Foreign exchange

Central Bank of Nigeria (CBN) has announced plans to stop selling foreign currency (forex) – US dollar, euro, pound sterling, among others – to banks by the end of the year.  The apex bank had put Deposit Money Banks (DMBs) on notice…

Federal Government through Central Bank of Nigeria (CBN) has on Friday said it will shut down the operations of ‘Aboki FX’ over publication of exchange rate. ‘Aboki FX’ is a website that provides currency exchange information, which the…

Central Bank of Nigeria (CBN) has on Thursday, July 29 directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of foreign exchange to meet legitimate forex requests of their customers. The new…

Central Bank of Nigeria (CBN) has on Tuesday, July 27 announced discontinuation of the sales of forex to Bureau De Change (BDC) operators in the country. Central Bank also confirmed that they will no longer license new BDC operations…

Central Bank of Nigeria (CBN), Godwin Emefiele The Central Bank of Nigeria (CBN) has said that it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. CBN's Director of Corporate Communications,…

Photo courtesy of Guardian NGR and powered by Zenith bank.

Photo courtesy of Guardian NGR and powered by Zenith bank.

Photo courtesy of Guardian NGR and powered by Zenith bank

Photo courtesy of Guardian NGR and powered by Zenith bank.

The Central Bank of Nigeria (CBN) is suggesting that the new band for the naira, pending the direction of market forces, will be between 260 and 270 to the dollar. Godwin Emefiele, the CBN governor, had said the position of the naira…