FOREX: CBN Clamp Down On Blackmarketeers

In compliance with CBN directives, ten Nigerian banks have revealed the names of customers buying cheap dollars to likely resell at the black market. In a circular in July 2021, CBN had directed banks to publicize the identities of persons who engage in such behaviour and to restrict them from obtaining currency in the future….

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CBN To Increase Forex Allocation To Banks

The Central Bank of Nigeria (CBN) has concluded plans to increase the amount of foreign exchange allocated to banks to meet the requests of customers. This particularly relates to requests of travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other Invisibles. It follows a warning issued by the CBN…

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