The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree Amendments 1993,No. 3 of 1997,No. 4 of 1997,No. 37 of 1998,No. 38 of 1998,1999 and CBN Act of 2007. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) CBN Suspends forex Transfer on domiciliary accounts – The Central Bank of Nigeria (CBN) has banned the transfer of Foreign Exchange (FX) from one customer to another. According to the apex bank, FX cash lodgements into domiciliary accounts can only be done by the account owners henceforth. CBN Makes First Forex Intervention In 2020 With $253m . The Central Bank of Nigeria (CBN), at the weekend, made its first foreign exchange (forex) intervention for the year, with $253.38 million, under the retail Secondary Market Intervention Sales (SMIS) and CNY16.76 million in the spot and short-tenored forwards segment of the inter-bank foreign market. President Muhammadu Buhari’s recent directive to the governor of the Central Bank of Nigeria (CBN), to restrict foreign exchange for the purpose of food and fertiliser importation into the ... The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established. “They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.
As International Flight Operations resume and further Economic Activity picks up. The Nigerian Apex Bank keeps to schedule by reopening the official FX tradi... MD/CEO, Cowry Asset Management Ltd, Johnson Chukwu, says Central Bank's action on forex regime would send wrong signals. #CBN....#Forextrading....#Nigeria #C... The Central Bank of Nigeria has made good its promise to implement the liberalisation of the Foreign Exchange market and improve liquidity. ... Is The CBN Forex Policy Good Or Bad For The Nation ... Don't forget to subscribe: https://bit.ly/2Hb8hjx Watch more interesting videos: https://bit.ly/34ogCaw Follow Channels Television On: Facebook: https://www.... This video is unavailable. Watch Queue Queue. Watch Queue Queue