September 14, 2021/CBN The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated “13 September 2021”, and purportedly issued by its Trade and Exchange Department to the effect that all […]
Money Market
CBN to Suspend Operating License of Banks Found Culpable in FX Malpractices for One Year
September 14, 2021/CBN In line with our continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements). […]
Parallel Market Rate at an All-Time High
September 14, 2021/CSL Research In recent weeks, severe pressure has been mounting on the exchange rate at the parallel market following the Central Bank of Nigeria’s (CBN) policy stance to discontinue the supply of FX to Bureau De Change Operators (BDCs). Consequently, the premium between the parallel market rate and […]
