Commercial banks in Nigeria are seeking customers to buy surplus foreign currencies they hold following the flooding of the banks with dollars by the Central Bank of Nigeria (CBN). In an effort to support and shore-up the value of Naira, CBN resolved to flood commercial banks with dollars. The banks are reported to be holding […]
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The Central Bank of Nigeria (CBN) has directed commercial banks to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours. In a circular made available to journalists, on Sunday in Abuja, the Director, Financial Markets Department,CBN, Dr Alvan Ikoku said the order would further make foreign currencies readily available […]
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The Central Bank of Nigeria (CBN) says every Nigerian, 18 years or older, is entitled to $4,000 per quarter of $16,000 per year for personal travel allowance (PTA) under the guidelines for the adjusted foreign exchange policy. On Monday, CBN announced adjustments to its existing foreign exchange policy, directing banks to open sales point across […]
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As part of efforts to alleviate the hardship experienced by Nigerians in need of forex for school fees, traveling allowance and medical treatment, the Central Bank of Nigeria (CBN) has provided additional forex to financial institutions across the country. Isaac Okorafor, the acting director, corporate communications of the Central Bank of Nigeria, made this disclosure […]
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