• About Us
  • Terms & Conditions
  • Contact Us
Saturday, August 13, 2022
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Samsung heir Lee Jae-yong receives special presidential pardon

    Samsung heir Lee Jae-yong receives special presidential pardon

    States salary survey: Abia State owe workers over 30 months salary

    States salary survey: Abia State owe workers over 30 months salary

    Collaboration between Peter Obi and Kingsley Moghalu hinted at a meeting between the two

    Collaboration between Peter Obi and Kingsley Moghalu hinted at a meeting between the two

    Wike disowns suit against Atiku’s candidacy

    Wike disowns suit against Atiku’s candidacy

    Nigerians will soon know the “actual truth” about Atiku – Gov Wike

    2023: Wike sues Atiku, Tambuwal, INEC over Presidential Primary

    Terrorists creating ‘parallel’ govt in Kaduna, ban political activities – El-Rufai tells Buhari

    Terrorists creating ‘parallel’ govt in Kaduna, ban political activities – El-Rufai tells Buhari

    Military bases in Russia and Belarus rocked by fire & explosions

    Military bases in Russia and Belarus rocked by fire & explosions

    Seplat says ‘no official notification’ on Buhari’s reversal of approval for ExxonMobil deal

    Seplat says ‘no official notification’ on Buhari’s reversal of approval for ExxonMobil deal

    Mission around Taiwan is accomplished, regular patrols will continue – China

    Mission around Taiwan is accomplished, regular patrols will continue – China

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    US economy adds 528,000 Jobs in July, exceeding expectations

    US economy adds 528,000 Jobs in July, exceeding expectations

    NMDPRA to fast-track issuance of reviewed petroleum regulations

    NMDPRA to fast-track issuance of reviewed petroleum regulations

    NNPC says no plan to increase petrol price in March

    Petroleum subsidy cost jumps 1,452% from N257bn in 2006 to N4trn in 2022 – BudgIT

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    Jan-April 2022: Nigeria spent N4.72trn, only 16.4% is capital expenditure

    States with highest and lowest diesel prices in Nigeria

    States with highest and lowest diesel prices in Nigeria

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    Just in: CBN raises interest rate to 14%

    Nigeria’s Inflation rate hits16.47%, the highest since May 2017

    Just in: Inflation rises to 18.60% in June, highest in over 5 years – NBS

    Germany’s energy giant hit by gas crisis seeks government bailout

    Germany’s energy giant hit by gas crisis seeks government bailout

    Russian ruble hits 7-Year high, threatening export competitiveness

    Russian ruble hits 7-Year high, threatening export competitiveness

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Cutix Plc founder sells additional 1.8 million shares of the company

    Seplat’s Non-Executive Director sells shares worth N25.33 million

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    Local Bourse Record Losses… As Year-to-Date drops to 17.09%.

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… as NGX-ASI grows by 1.47%.

    Twitter deal: Musk sell $6.9bn of Tesla to avoid emergency sale

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    Nigerian Equity & Fixed Income Markets Review—Bearish Trend Continues… NGX-ASI Declines by 2.26%.

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    NGX-ASI closed bearish… As laggers overpowers the gainers

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gain… As Year-to-Date in closed at 18.74%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Equity Market Declines for a Second Day … As The NGX-ASI Fell By 0.03%.

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    The Nigerian equities market fell… As market breadth stands at 0.93x.

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Samsung heir Lee Jae-yong receives special presidential pardon

    Samsung heir Lee Jae-yong receives special presidential pardon

    The price of Flour Mills’ Mandatory Takeover Offer to Honeywell Shareholders revealed

    The price of Flour Mills’ Mandatory Takeover Offer to Honeywell Shareholders revealed

    SEPLAT and WAPCO set a positive start to the week for the Nigerian Stock Exchange

    Seplat threatens to take legal action over Mobil acquisition

    We are not party to wind-up court case instituted by Zenon Petroleum- Ardova Plc

    We are not party to wind-up court case instituted by Zenon Petroleum- Ardova Plc

    Wema Bank Plc issues notice of AGM, share capital reconstruction among agenda

    Resolutions passed at BUA Foods Plc’s 1st AGM

    Delays in Visa issuance forces Air Peace to suspend flights to Johannesburg

    Delays in Visa issuance forces Air Peace to suspend flights to Johannesburg

    Caverton reports N202.7 million Profit After Tax for the first half of 2022

    Caverton reports N202.7 million Profit After Tax for the first half of 2022

    Acquisition of Mobil Producing Nigeria Unlimited by Seplat gets President Buhari’s approval

    Acquisition of Mobil Producing Nigeria Unlimited by Seplat gets President Buhari’s approval

    Ibom Air makes emergency evacuation of passengers in Lagos

    Ibom Air makes emergency evacuation of passengers in Lagos

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Is Taiwan a part of China? A short history of Taiwan

    Is Taiwan a part of China? A short history of Taiwan

    Brent crude oil price rise above $70 on OPEC projections

    From a peak of $11.5bn under GEJ to $376.65k under PMB, how the OBJ created Excess Crude Account got depleted

    Ogun & Lagos sign MoU on rail project, WHY NOT South East?

    Ogun & Lagos sign MoU on rail project, WHY NOT South East?

    How Germany came to rely so much on Russia for gas

    How Germany came to rely so much on Russia for gas

    Zoonoses day: understanding and preventing Zoonotic diseases

    Zoonoses day: understanding and preventing Zoonotic diseases

    Anambra Election Post-Mortem – a Personal Opinion

    Anambra Election Post-Mortem – a Personal Opinion

    How a Racing Heart may Alter Decision-Making Brain Circuits

    How a Racing Heart may Alter Decision-Making Brain Circuits

    Study reveals what triggers lung damage during COVID-19

    Study reveals existing drugs that kill SARS-CoV-2 in cells

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Samsung heir Lee Jae-yong receives special presidential pardon

    Samsung heir Lee Jae-yong receives special presidential pardon

    States salary survey: Abia State owe workers over 30 months salary

    States salary survey: Abia State owe workers over 30 months salary

    Collaboration between Peter Obi and Kingsley Moghalu hinted at a meeting between the two

    Collaboration between Peter Obi and Kingsley Moghalu hinted at a meeting between the two

    Wike disowns suit against Atiku’s candidacy

    Wike disowns suit against Atiku’s candidacy

    Nigerians will soon know the “actual truth” about Atiku – Gov Wike

    2023: Wike sues Atiku, Tambuwal, INEC over Presidential Primary

    Terrorists creating ‘parallel’ govt in Kaduna, ban political activities – El-Rufai tells Buhari

    Terrorists creating ‘parallel’ govt in Kaduna, ban political activities – El-Rufai tells Buhari

    Military bases in Russia and Belarus rocked by fire & explosions

    Military bases in Russia and Belarus rocked by fire & explosions

    Seplat says ‘no official notification’ on Buhari’s reversal of approval for ExxonMobil deal

    Seplat says ‘no official notification’ on Buhari’s reversal of approval for ExxonMobil deal

    Mission around Taiwan is accomplished, regular patrols will continue – China

    Mission around Taiwan is accomplished, regular patrols will continue – China

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    US economy adds 528,000 Jobs in July, exceeding expectations

    US economy adds 528,000 Jobs in July, exceeding expectations

    NMDPRA to fast-track issuance of reviewed petroleum regulations

    NMDPRA to fast-track issuance of reviewed petroleum regulations

    NNPC says no plan to increase petrol price in March

    Petroleum subsidy cost jumps 1,452% from N257bn in 2006 to N4trn in 2022 – BudgIT

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    Jan-April 2022: Nigeria spent N4.72trn, only 16.4% is capital expenditure

    States with highest and lowest diesel prices in Nigeria

    States with highest and lowest diesel prices in Nigeria

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    Just in: CBN raises interest rate to 14%

    Nigeria’s Inflation rate hits16.47%, the highest since May 2017

    Just in: Inflation rises to 18.60% in June, highest in over 5 years – NBS

    Germany’s energy giant hit by gas crisis seeks government bailout

    Germany’s energy giant hit by gas crisis seeks government bailout

    Russian ruble hits 7-Year high, threatening export competitiveness

    Russian ruble hits 7-Year high, threatening export competitiveness

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Cutix Plc founder sells additional 1.8 million shares of the company

    Seplat’s Non-Executive Director sells shares worth N25.33 million

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    Local Bourse Record Losses… As Year-to-Date drops to 17.09%.

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… as NGX-ASI grows by 1.47%.

    Twitter deal: Musk sell $6.9bn of Tesla to avoid emergency sale

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    Nigerian Equity & Fixed Income Markets Review—Bearish Trend Continues… NGX-ASI Declines by 2.26%.

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    NGX-ASI closed bearish… As laggers overpowers the gainers

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gain… As Year-to-Date in closed at 18.74%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Equity Market Declines for a Second Day … As The NGX-ASI Fell By 0.03%.

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    The Nigerian equities market fell… As market breadth stands at 0.93x.

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Samsung heir Lee Jae-yong receives special presidential pardon

    Samsung heir Lee Jae-yong receives special presidential pardon

    The price of Flour Mills’ Mandatory Takeover Offer to Honeywell Shareholders revealed

    The price of Flour Mills’ Mandatory Takeover Offer to Honeywell Shareholders revealed

    SEPLAT and WAPCO set a positive start to the week for the Nigerian Stock Exchange

    Seplat threatens to take legal action over Mobil acquisition

    We are not party to wind-up court case instituted by Zenon Petroleum- Ardova Plc

    We are not party to wind-up court case instituted by Zenon Petroleum- Ardova Plc

    Wema Bank Plc issues notice of AGM, share capital reconstruction among agenda

    Resolutions passed at BUA Foods Plc’s 1st AGM

    Delays in Visa issuance forces Air Peace to suspend flights to Johannesburg

    Delays in Visa issuance forces Air Peace to suspend flights to Johannesburg

    Caverton reports N202.7 million Profit After Tax for the first half of 2022

    Caverton reports N202.7 million Profit After Tax for the first half of 2022

    Acquisition of Mobil Producing Nigeria Unlimited by Seplat gets President Buhari’s approval

    Acquisition of Mobil Producing Nigeria Unlimited by Seplat gets President Buhari’s approval

    Ibom Air makes emergency evacuation of passengers in Lagos

    Ibom Air makes emergency evacuation of passengers in Lagos

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Is Taiwan a part of China? A short history of Taiwan

    Is Taiwan a part of China? A short history of Taiwan

    Brent crude oil price rise above $70 on OPEC projections

    From a peak of $11.5bn under GEJ to $376.65k under PMB, how the OBJ created Excess Crude Account got depleted

    Ogun & Lagos sign MoU on rail project, WHY NOT South East?

    Ogun & Lagos sign MoU on rail project, WHY NOT South East?

    How Germany came to rely so much on Russia for gas

    How Germany came to rely so much on Russia for gas

    Zoonoses day: understanding and preventing Zoonotic diseases

    Zoonoses day: understanding and preventing Zoonotic diseases

    Anambra Election Post-Mortem – a Personal Opinion

    Anambra Election Post-Mortem – a Personal Opinion

    How a Racing Heart may Alter Decision-Making Brain Circuits

    How a Racing Heart may Alter Decision-Making Brain Circuits

    Study reveals what triggers lung damage during COVID-19

    Study reveals existing drugs that kill SARS-CoV-2 in cells

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home News

CBN instructs banks not to refuse any FX request with proper documentation

Thursday, 29 July 2021, 11:56 am
in News, Nigeria
0
Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto
Share Share Share Share Send as Email

The Central Bank of Nigeria (CBN) has instructed all Deposit Money Banks (DMB) in the country to ensure that no customer is “turned back or refused FX provided that documentation and all other requirements are satisfied.”

This was disclosed by the apex bank in a letter to all banks on Wednesday and signed by Haruna Mustafa, Director, Banking Supervision Department, CBN.

The CBN directed all DMBs to set up forex teller points at designated branches to fulfil legitimate forex demands across the country, including Personal Travel Allowance, (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, SMEs transactions, amongst others.

DMBs are also required to adequately publicize the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically in compliance with extant regulations.

The apex bank also advised DMBs not to engage in “undue delays, rationing and/or diversion of FX,” adding that DMBs are required to establish electronic application and alert systems to update customers on the status of their FX requests.

  • Read also: Naira crashes at the parallel market after CBN stop forex sale to BDCs
  • CBN to refund capital deposits and licensing fees to BDC promoters with pending applications

The CBN said that it has set up a toll-free line for bank customers to escalate unresolved complaints related to their FX requests.

The CBN warned that any breach of the directive will be severely sanctioned.

Recall that the CBN on Tuesday said it has stopped selling foreign exchange to Bureaux De Change operators. 

The CBN said the BDCs had defeated their purpose of existence to provide forex to retail users; had become wholesale and illegal dealers; and had continued to make huge profits while Nigerians suffered in pain.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

Related Posts:

  • Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto
    Update: Central Bank of Nigeria instructs banks to close…
  • Audacity to Refuse: the Sunday Oliseh Autobiography
    Audacity to Refuse: the Sunday Oliseh Autobiography
  • FG approves Abba Kyari's extradition request by the U.S
    FG approves Abba Kyari's extradition request by the U.S
  • Court freezes Bamboo, Risevest accounts on CBN’s request
    Court freezes Bamboo, Risevest accounts on CBN’s request
Previous Post

UAC of Nigeria Plc grows profit after tax by 258% in H1 2021

Next Post

CBN to refund capital deposits and licensing fees to BDC promoters with pending applications

Next Post
CBN to refund capital deposits and licensing fees to BDC promoters with pending applications

CBN to refund capital deposits and licensing fees to BDC promoters with pending applications

Leave a Reply Cancel reply

Your email address will not be published.

  • Trending
  • Comments
  • Latest
UBA suffers maximum possible loss on NSE as investors dump the stocks

VACANCY: UBA is recruiting qualified candidates into several positions in Nigeria

vacancy: Montego Upstream Services is recruiting

vacancy: Montego Upstream Services is recruiting

Military bases in Russia and Belarus rocked by fire & explosions

Military bases in Russia and Belarus rocked by fire & explosions

Nigerians will soon know the “actual truth” about Atiku – Gov Wike

2023: Wike sues Atiku, Tambuwal, INEC over Presidential Primary

Terrorists creating ‘parallel’ govt in Kaduna, ban political activities – El-Rufai tells Buhari

Terrorists creating ‘parallel’ govt in Kaduna, ban political activities – El-Rufai tells Buhari

Cutix Plc founder sells additional 1.8 million shares of the company

Seplat’s Non-Executive Director sells shares worth N25.33 million

Samsung heir Lee Jae-yong receives special presidential pardon

Samsung heir Lee Jae-yong receives special presidential pardon

2022 Messi-less 30-man Ballon d’Or Shortlist, Asisat Oshola on the 20-woman shortlist

2022 Messi-less 30-man Ballon d’Or Shortlist, Asisat Oshola on the 20-woman shortlist

States salary survey: Abia State owe workers over 30 months salary

States salary survey: Abia State owe workers over 30 months salary

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2021 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2021 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist