!!

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

MoneyMaker 2.0 is Ready!!! by [Not Shown, Login to View]
[Mar 19, 2019]


can two different niche go in one blog by [Not Shown, Login to View]
[Mar 17, 2019]


How to create video for my blog by [Not Shown, Login to View]
[Mar 15, 2019]


About domain registration and web hosting by [Not Shown, Login to View]
[Mar 15, 2019]


my website is live now by [Not Shown, Login to View]
[Mar 10, 2019]


Increase in Adsense Earning by [Not Shown, Login to View]
[Feb 16, 2019]


Website Showcase - Drop Your Website Link(s) Here by [Not Shown, Login to View]
[Feb 13, 2019]


Wanted: Freelance Writers For Amazon Gift Ideas Articles (N750 Naira Per Article by [Not Shown, Login to View]
[Feb 11, 2019]


Lists Of Affiliate programs you can Promote as a Nigerian by [Not Shown, Login to View]
[Feb 10, 2019]


How to Promote Your MoneyMaker Link and Code Using the PLR EBook by [Not Shown, Login to View]
[Feb 10, 2019]


Please i Want a cross check on my website and ready for adenese approval by [Not Shown, Login to View]
[Feb 10, 2019]


Video Editing Softwares to Edit Videos Before Posting to Youtube by [Not Shown, Login to View]
[Jan 31, 2019]


Android Application Builder by [Not Shown, Login to View]
[Jan 31, 2019]


Google Adsense Identity Confirmation by [Not Shown, Login to View]
[Jan 31, 2019]


My Blog is Live! by [Not Shown, Login to View]
[Jan 28, 2019]


Website hosting by [Not Shown, Login to View]
[Jan 26, 2019]


How to get web design client by [Not Shown, Login to View]
[Jan 11, 2019]


compliments of the season by [Not Shown, Login to View]
[Jan 09, 2019]


Wordpress post to facebook page automation by [Not Shown, Login to View]
[Dec 20, 2018]


How to Set Up Display Advertising in Google Adword by [Not Shown, Login to View]
[Dec 17, 2018]


The Most Reliable Place To Buy Bitcoin in Nigeria by [Not Shown, Login to View]
[Nov 12, 2018]


How Can I Reset My Password On Windows 8, I forgot My Password? by [Not Shown, Login to View]
[Nov 06, 2018]


Creation of a Wordpress site that will allow users to login by [Not Shown, Login to View]
[Nov 05, 2018]


How to Change Site URL to Mobile Version by [Not Shown, Login to View]
[Nov 05, 2018]


Possibility of Monetizing YouTube using a Nigerian postal address,etc ? by [Not Shown, Login to View]
[Oct 24, 2018]


e-commerce website by [Not Shown, Login to View]
[Oct 19, 2018]


How To Get Web Traffic From Social Media by [Not Shown, Login to View]
[Oct 15, 2018]


Site contributor click in Google Ads by [Not Shown, Login to View]
[Oct 14, 2018]


my first website online by [Not Shown, Login to View]
[Sep 30, 2018]


How to Apply for Payoneer Card and US Payment Service to Receive Amazon & others by [Not Shown, Login to View]
[Sep 19, 2018]

Author Topic: CBN lifts Ban on cash deposit of Dollars, others  (Read 1022 times)

0 Members and 1 Guest are viewing this topic.

Offline [Not Shown, Login to View]

  • Administrator
  • Level: Mentor
  • ******
  • Posts: 259845
  • Respect: +8025
  • Gender: Male
  • Location: Benin City
  • 18th Chamber
  • My Rank: 101
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
1432 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
1013 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
1762 Views
Last post Jun 07, 2014
by [Not Shown, Login to View]
0 Replies
856 Views
Last post Mar 19, 2015
by [Not Shown, Login to View]

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