CBN Ask Banks Not to Sell Forex without Appropriate Documentation

By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has asked commercial banks not to sell foreign exchange without appropriate documentation and disclosure to authorities, irrespective of the source of funds. The CBN gave this directive in circular with reference number TED/FEM/FPC/GEN/01/008 dated August 22, 2016 and signed by W.D, […]

CBN Direct Banks to Allocate 60% of Their FX to Manufacturing Companies

By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Tuesday directed banks to allocate 60 percent of their foreign exchange purchases to manufacturers, in order to help them pay for imports and boost the economy. This is contained in a circular with reference number TED/FEM/FPC /GEN/01/007 dated August 23, […]

CBN Suspends FirstBank, FCMB, Sterling, Six Others from FX Market

  Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has suspended First Bank of Nigeria Limited, First City Monument Bank, Sterling Bank Plc and six (6) other banks from the interbank currency market for failing to remit money owed to the government, according to a Reuters report quoting banking sources on […]