!!

Welcome Guest

You are viewing this forum as a guest therefore You are Not Allowed to Post and Reply and You are not allowed to view links. Register or Login

collapse

* Search


* Recent Replies

How to Apply for Payoneer Card and US Payment Service to Receive Amazon & others by [Not Shown, Login to View]
[Dec 16, 2017]


Website design issUe by [Not Shown, Login to View]
[Dec 16, 2017]


Joint venture on a single site by [Not Shown, Login to View]
[Dec 16, 2017]


don't have a website but still wants to run the online marketin by [Not Shown, Login to View]
[Dec 09, 2017]


Webhost purchase by [Not Shown, Login to View]
[Dec 09, 2017]


Payoneer Application by [Not Shown, Login to View]
[Dec 09, 2017]


Bing Ads And Google Adwords Payment Methods by [Not Shown, Login to View]
[Dec 07, 2017]


Selling Ebooks At Amazon by [Not Shown, Login to View]
[Nov 26, 2017]


facebook fan page by [Not Shown, Login to View]
[Nov 26, 2017]


Pay Per Click Fraud. by [Not Shown, Login to View]
[Nov 20, 2017]


Amazon Images/Images from Amazon by [Not Shown, Login to View]
[Nov 19, 2017]


Amazon Tracking of associate IDs Faulty by [Not Shown, Login to View]
[Nov 18, 2017]


Facebook Ads Payment by [Not Shown, Login to View]
[Nov 18, 2017]


how can i put html text and html tag into the notepad by [Not Shown, Login to View]
[Nov 17, 2017]


Direct log in to blogger by [Not Shown, Login to View]
[Nov 15, 2017]


facebook ads by [Not Shown, Login to View]
[Nov 03, 2017]


How to make a 3D E-book Cover (E-Cover)? by [Not Shown, Login to View]
[Nov 01, 2017]


How Can I Change Or Beautify My New YouTube Page by [Not Shown, Login to View]
[Oct 31, 2017]


Any Free Wordpress Theme For uni/poly Portals? by [Not Shown, Login to View]
[Oct 31, 2017]


How long by [Not Shown, Login to View]
[Oct 30, 2017]


How do I continue? by [Not Shown, Login to View]
[Oct 30, 2017]


E-commerce Site by [Not Shown, Login to View]
[Oct 22, 2017]


Confused by Namecheap renewal fees by [Not Shown, Login to View]
[Oct 21, 2017]


Effective Paid Traffic Channel by [Not Shown, Login to View]
[Oct 20, 2017]


WordPress font by [Not Shown, Login to View]
[Oct 20, 2017]


pdf (ebook) from laptop to gmail acoun by [Not Shown, Login to View]
[Oct 18, 2017]


Website Traffic Season 12 - Amazing all-in-one tool for Google, Youtube, Amazon. by [Not Shown, Login to View]
[Oct 15, 2017]


Show/Hide Widgets in Blogspot Mobile Template by [Not Shown, Login to View]
[Oct 15, 2017]


How to Get Original Image For My Local News Blog by [Not Shown, Login to View]
[Oct 15, 2017]


how to create ebook covers by [Not Shown, Login to View]
[Oct 15, 2017]

Author Topic: CBN lifts Ban on cash deposit of Dollars, others  (Read 558 times)

0 Members and 1 Guest are viewing this topic.

Offline [Not Shown, Login to View]

  • Administrator
  • Level: Mentor
  • ******
  • Posts: 259708
  • Respect: +7996
  • Gender: Male
  • Location: Benin City
  • 18th Chamber
  • My Rank: 89
CBN lifts ban on cash deposit of dollars, Stops sales to BDCs.


- Banks to Now Start accepting Foreign Currency Deposits

Abuja - Nigeria's central bank on Monday announced it was stopping the direct sale of US dollars to bureaux de change to protect the under-pressure naira and conserve depleted foreign reserves.

The Central Bank of Nigeria will now "discontinue its sales of foreign exchange to BDCs (bureaux de change)", governor Godwin Emefiele said in a speech in Abuja on Monday January 11 2016.

"Operators in this segment of the market would now need to source their foreign exchange from (an) autonomous source."

He added: "Commercial banks will now be allowed to accept cash deposits of foreign exchange from their customers."

Nigeria, Africa's biggest economy, number one oil producer and most populous country has been battered by the global fall in crude prices since mid-2014.

Oil sales contributed some 90 percent of the country's foreign exchange earnings.

But as the cost of a barrel plunged below $40 a barrel this month, forex earnings have fallen to as low as $1 billion a month, said Emefiele.

At the same time, forex demand in Nigeria's import-heavy economy has risen, which combined with rising inflation and slowing GDP growth has led to the depletion of foreign reserves, he added.

The CBN has been under pressure to devalue the naira, which is officially pegged at 197 to the dollar, although on the tolerated black market, exchange rates can be as high as 250 naira.

Restrictions on the forex market have been introduced to conserve reserves, including reducing the amount the CBN sells to each bureau de change operators each week from $60,000 to $10,000.

But Emefiele said the bank noted with "grave concern" that some operators were flouting limits on them providing $5,000 or less to clients.

Instead, some had become "wholesale dealers" illegally handling millions of dollars per transaction.

"Operators in this segment have not reciprocated the Bank's gesture to help maintain stability in the market," he added, accusing them of being "greedy" for selling at higher rates.

Demand for operating licences has sky-rocketed to nearly 150 per month as individuals seek to cash in, he added, leading to the "gradual dollarisation" of the Nigerian economy.

- AFP


Leave it for God, don't worry yourself. Leave it for God, don't cry no more.

 

Related Topics

  Subject / Started by Replies Last post
7 Replies
823 Views
Last post Aug 07, 2012
by [Not Shown, Login to View]
I need more enlightenment about Cash Envoy

Started by [Not Shown, Login to View] Online Businesses

2 Replies
573 Views
Last post Nov 30, 2012
by [Not Shown, Login to View]
Binary Cash Creator Registration Problems

Started by [Not Shown, Login to View] Online Businesses

8 Replies
1012 Views
Last post Jun 07, 2014
by [Not Shown, Login to View]
0 Replies
422 Views
Last post Mar 19, 2015
by [Not Shown, Login to View]

TinyPortal © 2005-2011
SimplePortal 2.3.5 © 2008-2012, SimplePortal