CBN kicks as Money agents flout dollar payment directive

COVID-19 healthcare funds

CBN kicks as Money agents flout dollar payment directive The Central Bank of Nigeria (CBN) has expressed displeasure at the flouting of its policy mandating International Money Transfer Operators (IMTOs) to pay Diaspora remittances to beneficiaries in dollars. In a statement on Wednesday, the apex bank said few operators continue to pay remittances in local currency, contrary to regulatory directive. It has therefore, issued a new directive authorising Switches and Processors to immediately cease all local currency transfers in respect of foreign currency remittances through IMTOs. It also directed that…

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Forex: CBN sets new rules to prevent quick depletion reserves

COVID-19 healthcare funds

Amid free-falling foreign exchange reserves in it’s vault, the central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another. CBN emphasised that based on the new rules, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth. An internal memo available to the media explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts. The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.…

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Again, FG blames naira woes on oil price, capital inflow declines

The Argument for No Change from the MPC

As local currency plunges further to N460/1$ _____________________________ Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has blamed loss of value by the country’s local currency, naira, on the declining oil price in the global market and the fall in capital inflow into the country. He said this during the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria (CIBN) with the theme, “Facilitating a sustainable future: The role of banking and finance,” on Tuesday. On the same say, the naira…

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