22/09/ · A staggering Nbn has been paid by top five banks in Nigeria for forex infractions and others, The PUNCH reports. According to reports, the amount was paid to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council 31/08/ · Forex ban: CBN directs banks to publish names of defaulters. By Adejayan Gbenga Gsong On Aug 31, The Central Bank of Nigeria has directed all commercial banks to publish on their websites the names and Bank Verification Numbers of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks. In a 22/09/ · Five Top Banks Fined Nbn For Forex Infractions, Others. Five top banks in Nigeria paid a total of Nbn 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
Five Top Banks Fined Nbn For Forex Infractions, Others - Economic Confidential
The Central Bank of Nigeria has directed commercial banks in the country to create mobile applications that will enable easy sales of foreign exchange FX or forex to retail customers. The directive comes after the CBN, on Tuesday, halted its weekly allocation of forex to Bureau de Change companies BDCswhose primary responsibility is the sale of minimal amounts of dollars to citizens for small-time payments such as overseas school fees, banks bans from forex nigeria.
The regulator had accused them of violating their terms of operation. According to the apex bank, money changers in the country have been involved in manipulating exchange rates, rent-seeking, and money laundering activities. In the place of BDCs, the CBN will channel its weekly allocations of foreign currency sales to deposit banks bans from forex nigeria banks DMBsGovernor Godwin Emefiele said.
This means individuals and business people who want to buy forex have to do so from banks. It is expected that banks will take some time to adjust to this new directive. However, the CBN is moving swiftly in getting them to implement its policy change. In a follow-up circular issued on Wednesday, the regulator instructed commercial banks to set up teller points dedicated to serving the legitimate forex needs of customers. No customer should be turned back or denied access to forex provided that documentation and all other requirements are satisfied equally, according to the CBN.
The banks are also required to create mobile applications and banks bans from forex nigeria systems to update customers on the status of their foreign exchange requests. These directives and moves by the CBN appear to be aimed at enabling banks to fill the void that will banks bans from forex nigeria created without BDCs in the official forex supply chain.
This is because licensed money changers play a crucial role in facilitating the supply of forex to Nigerians. Legacy financial institutions in Nigeria have a history of bureaucratic mazes and excessive documentation that have kept millions of adult Nigerians away from the banking world. However, there are concerns over the loss of jobs that will come as a result of some operators being put out of business and the potential impact on the exchange rate over the short-to-medium term.
In the wake of the new directive, the local unit has plunged in parallel markets, where currencies are traded informally. If you enjoyed reading this article, please share in your WhatsApp groups and Telegram channels. Menu Categories Newsletter Events. Michael Ajifowoke 29th July Get the best African tech newsletters in your inbox TC Daily Next Wave Events. Share this article. Michael Ajifowoke Author. More from this author, banks bans from forex nigeria. Michael Ajifowoke.
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Nigerian Central Bank brings attempts to fix forex shortage
, time: 3:22Banks warn customers against violation of CBN forex directives – Nairametrics
26/08/ · Banks warn customers against violation of CBN forex directives. Nigerian banks have warned that customers who do not comply with the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria. This was disclosed via emails to their customers stating that defaulters of the new foreign exchange policy may face fines 22/09/ · See Five Nigerian Banks Fined Nbn for Forex, Other Infractions. Five Nigerian banks paid a total of Nbn as penalties to financial regulatory bodies such as the Central Bank of Nigeria (CBN), Security Exchange Council (SEC) and Financial Reporting Council of Nigeria, in the first half of the year.. The banks are the United Bank of Africa (UBA), Fidelity Bank, Access Bank, Guarantee Trust 22/09/ · Five Top Banks Fined Nbn For Forex Infractions, Others. Five top banks in Nigeria paid a total of Nbn 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
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