February 24, 2024/CBN Pursuant to the powers conferred under Section 56 of the Banks and Other Financial Institutions Act, 2020 (BOFIA), the Central Bank of Nigeria (CBN) hereby issues this draft revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations in Nigeria for stakeholder comments and/or inputs. The […]
Money Market
CBN Unveils New Requirements for Forex Cash Pooling on Behalf of IOCs in Nigeria
February 15, 2024/CBN The Central Bank of Nigeria (CBN) has observed that proceeds of crude oil exports by International Oil Companies (lOCs) operating in Nigeria, are transferred offshore to fund parent accounts of the IOCs (otherwise referred to as “cash pooling’). This has an impact on liquidity in the domestic […]
CBN Instructs Dealer Banks to Payout PTA, BTA Via Electronic Channels
February 15, 2024/CBN Memorandum 8 of the Foreign Exchange manual and the circular with reference FMD/DIR/CIR/GEN/08/003 dated February 20, 2017, stipulate the eligibility criteria for accessing Personal and Business Travel, allowances (PTA/BTA). In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign […]
