19/03/ · the new forex policy, the naira is still experiencing serious decline against the. dollar and other currencies. In fact, by the trading week ended March 12, the naira was exchanging at N/$1. at the parallel market and N/ $1 at the Investor & Exporter forex window; thus, dashing expectations that the new forex management scheme will strengthen 12/08/ · New forex policy: CBN set to sanctions banks, customers. August 12, Amaka Ifeakandu Business 0. The Central Bank of Nigeria (CBN) has said that it will not hesitate to sanction any customer or bank who flouts the new Foreign Exchange (Forex) policy. The CBN governor, Godwin Emefiele who disclosed this on Thursday at the th Bankers Committee 07/08/ · ALL YOU NEED TO KNOW ABOUT THE NEW NIGERIA FOREX POLICY The Foreign Exchange market will operate as a single market structure through the inter-bank window. Central Bank of Nigeria will participate in the Market by periodically intervening to either buy or sell forex as the The Foreign Exchange
NEW FOREX POLICY IN NIGERIA : ALL YOU NEED TO KNOW – Information
The Central Bank of Nigeria CBN has said that it will not hesitate to sanction any customer or bank who flouts the new Foreign Exchange Forex policy.
The CBN governor, Godwin Emefiele who disclosed this on Thursday at the th Bankers Committee meeting held virtually noted that any individual that contravene, the new policy will be sanctioned accordingly. He disclosed that the banks, bank staffs and the executive directors of banks have the responsibility to make sure it works.
Addressing journalists after the meeting, the new nigerian forex policy, the representative of the bankers Committee, Managing Director of FCMB, Yemisi Edun frowned at series of fraudulent activities by some customers who feign need for Forex.
She said the bankers Committee are using digital means to detect fraudulent activities through which it noticed that people would come with airline tickets to buy forex and go back to cancel the tickets after obtaining Forex. She said that banks are not going to encourage such behaviour in any way, the new nigerian forex policy. Also speaking, Managing Director of Guaranty The new nigerian forex policy Bank, Mr Segun Agbaje stated that the new Forex policy is for people that have genuine needs and warned that those who defraud the system will be punished.
Agbaje declared that the sanctions are not limited to customers alone but banks will also feel weight of the sanctions from the CBN if they contravene.
He also said banks has taken it upon ourselves with the CBN to make sure that the new forex policy works. He said that the action taken by CBN was the first phase, adding that plans are under way to digitized forex transactions as it is done worldwide, where individuals can be able to buy forex on line.
Recalled that at the th Monetary Policy Committee MPC meeting, the governor pronounces an end to the supply of Forex to Bureau De Change BDC operators but instructed Deposit Money The new nigerian forex policy DMBs in the country to set-up Forex desks in their various banks to attend to invisibles such as Business Travel Allowance BTAPersonal Travel Allowance PTAamong others.
Managing Director, Unity Bank Plc, Mrs Oluwatomi Somefun while speaking on the rehabilitation of the National Theartre said National Thearter will be a landmark for event, adding that it is an initiative banks are proud off and believed that on completion it will impact positively in the economic growth of the country. She said that National theatre will provide an opportunity for our youth to showcase their capability. Somefun expressed optimism that on the completion of the threatre it will be much better than before and will go a the new nigerian forex policy way to attract foreign exchange inflow into the country.
She said by year when the project will be completely done, it will place Nigeria in better position to earn more forex. Share this:. You searched: policy workstransaction. policy works transaction. Copyright © Blueprint Newspapers Limited.
Nigerian government scraps fixed exchange rate in favor of floating rate
, time: 7:59New forex policy: CBN set to sanctions banks, customers – Blueprint Newspapers Limited
12/08/ · New forex policy: CBN set to sanctions banks, customers. August 12, Amaka Ifeakandu Business 0. The Central Bank of Nigeria (CBN) has said that it will not hesitate to sanction any customer or bank who flouts the new Foreign Exchange (Forex) policy. The CBN governor, Godwin Emefiele who disclosed this on Thursday at the th Bankers Committee 07/08/ · ALL YOU NEED TO KNOW ABOUT THE NEW NIGERIA FOREX POLICY The Foreign Exchange market will operate as a single market structure through the inter-bank window. Central Bank of Nigeria will participate in the Market by periodically intervening to either buy or sell forex as the The Foreign Exchange 16/03/ · Tagged “Naira for Dollar Scheme”, the new policy (an ‘experiment’ to last from March 8 to May 8, ) introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Operators (IMTOs) licensed by the Central Bank. But one week into the implementation of the new forex policy, the naira is still experiencing serious decline against the dollar and other
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