22/09/ · CBN fined five banks Nbn for illegal forex trading. Five top banks have been fined a sum of Nbn, which serves as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half of the year. @intelregion - We are here to enrich your life 24/09/ · CBN bans customer-to-customer forex transfer. The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another. According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners blogger.comted Reading Time: 2 mins 21/08/ · August 21, in ECONOMY. 0. CBN. CBN may Sanction Microfinance Banks for illegal Forex Trading – The Central Bank of Nigeria (CBN) has threatened to sanction and revoke the licences of microfinance banks found to be engaged in foreign exchange (forex) trade and other non-permissible activities. The apex bank in a circular issued on Friday
Here’s why Nigeria's central bank is banning forex sales to money changers | TechCabal
The Central Bank of Nigeria CBN has barred operators of Payment Service Banks PSBs from accepting foreign exchange deposits and to accept any closed scheme electronic value airtime as a form of deposit or payment.
This was disclosed by the apex bank in the reviewed guidelines for licensing and regulations of PSBs released on Thursday on its website. In the new guideline, which is the upgraded version of the circular the CBN issued on October 05, to all banks, telecommunications firms, Mobile Money Operators and banking agents among others, the apex bank emphasized that PSBs are not allowed to grant any form of loans, advances and guarantees directly or indirectly.
The document, which was signed by Kevin Amugo, Director, Financial Policy and Regulation Department, CBN, added that the name of PSBs must not include any word that links it to the parent company. READ: CBN unveils sanctions on E-payment infractions, banks allowed to trade forex in nigeria, as it goes tough on banks, others. READ: CBN exempts federation accounts, microfinance banks, banks allowed to trade forex in nigeria, ministries, others from new Cashless Policy.
Get financial and economic data from Nairametrics on Nairalytics. CBN embraced the PSB initiative to promote a sound financial system in Nigeria and to enhance access to financial services for low-income earners and unbanked segments of the society.
Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumnus has interviewed some of the most influential figures of the IMF, G Summit, Banks allowed to trade forex in nigeria Central Bank Governors and Finance Ministers, Critical Communication World Conference.
The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Home Business Financial Services. CBN bars Payment Service Banks from accepting forex deposits by Abiola Odutola.
August 28, in Financial Services. Share on Facebook Share on Twitter. Related posts. Tags: Business News CBN Featured Mobile Money Operators MMO Nigeria News Payment Service Bank PSB. Abiola Odutola Abiola has spent about 14 years in journalism. Leave a Reply Cancel reply Your email address will not be published. OTHERS ARE READING. Why it is risky to convert your naira to dollars or USD T. How to know if your NIRSAL COVID loan is approved. All you need to know about the e-Naira set to be launched on October 1.
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, time: 5:47CBN bars Payment Service Banks from accepting forex deposits – Nairametrics
21/08/ · August 21, in ECONOMY. 0. CBN. CBN may Sanction Microfinance Banks for illegal Forex Trading – The Central Bank of Nigeria (CBN) has threatened to sanction and revoke the licences of microfinance banks found to be engaged in foreign exchange (forex) trade and other non-permissible activities. The apex bank in a circular issued on Friday 28/07/ · Nigeria’s Central Bank (CBN) has stopped the sale of foreign exchange (FX) to Bureau De Change (BDC) operators in the country. The registration of new players has also been halted, with immediate effect. Governor Godwin Emefiele made the announcement at the end of the monetary policy committee (MPC) meeting in Abuja on Tuesday 26/08/ · The main players in the foreign exchange market in Nigeria include: The Central Bank of Nigeria. The Central Bank of Nigeria is, by far, the biggest player in the forex exchange business in Nigeria. The bank is empowered to make laws and regulations to regulate and control the other players in the forex blogger.comted Reading Time: 5 mins
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