Tag: DMBs

CBN to sanction banks, BDCs for rejecting old, lower dollar notes

Umar Suleiman
Foreign reserves shed $2.3bn in H1 amid rising oil price

CBN to sanction banks, BDCs for rejecting old, lower dollar notes The Central Bank of Nigeria (CBN) has said it will sanction foreign exchange dealers that reject old and lower denominations of the dollar notes. It gave the warning on Tuesday in a circular to all Deposit Money Banks (DMBs), Bureau De Change Operators (BDCs) and the general public signed by the Director, Currency Operations Department, CBN, Ahmed Umar, titled ‘The rejection of old, lower denomination of United States dollar by DMBs/ forex dealers’. The circular read, “The Central Bank…

Read more

Currency in circulation hits N2.35trn

Business Metrics
N15trn InfraCo begins operation this quarter

Huge cash transactions in the economy has continued to rise as currency in circulation rose to N2.35 trillion in May. This was despite coronavirus-induced lockdown and lull in economic activities in the country over past months. Statistics obtained from the Central Bank of Nigeria (CBN) on Monday showed that the figure, which stood at N2.29 trillion as of the end of March, rose to N2.3 trillion as atthe end of April. The apex bank stated, “Currency in circulation at end-November 2019 rose by 9.9 per cent to N2.2 trillion, in…

Read more